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Chicago agricultural commodities settle lower

Xinhua, May 4, 2017 Adjust font size:

Chicago Board of Trade (CBOT) grains futures closed lower on Thursday amid fund-selling for profit-taking.

The most active corn contract for July delivery fell 8.25 cents, or 2.2 percent, to settle at 3.665 U.S. dollars per bushel. July wheat delivery dropped 16.25 cents, or 3.58 percent, to close at 4.3775 dollars per bushel. July soybeans declined 1 cent, or 0.1 percent, to 9.7425 dollars per bushel.

Funds have been net seller of 5,300 contracts of corn and 3,800 contracts of wheat, while buying 3,400 contracts of soybeans, CBOT brokers reported. The fund selling has obviously pushed grains futures lower.

The fall was also driven by improved weather, which is good for corn seeding.

As for the wheat, traders found they had over-estimated the damage by snow storm and frost last weekend, which triggered a sharp rise in its futures at the beggining of this week.

Meanwhile, profit-taking has driven the grains' prices down. Endit