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Chicago agricultural commodities settle lower

Xinhua, May 2, 2017 Adjust font size:

Chicago Board of Trade (CBOT) grains futures closed lower on Tuesday, as technical decline gave back some of the gains from Monday's rally.

The most active corn contract for July delivery dropped 5.25 cents, or 1.39 percent, to settle at 3.7225 U.S. dollars per bushel. July wheat delivery fell 2 cents, or 0.44 percent, to 4.54 dollars per bushel. July soybeans went down 1.5 cents, or 0.15 percent, to 9.6875 dollars per bushel.

In other markets, the Brent crude oil market is 0.49 dollar per barrel lower, the U.S. dollar edged lower, and the Dow Jones Industrials rose by 39 points.

Jason Roose, U.S. commodities grain analyst, said that weather still dominates the direction of farm market prices.

"Grains are weaker today with a weather forecast of dry and warm for the next 10 days. This will allow for planting to resume at an aggressive pace," Roose said. Endit