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Chicago agricultural commodities settle lower

Xinhua, May 8, 2017 Adjust font size:

Chicago Board of Trade (CBOT) grains futures closed lower on Monday on prospects for improving crop weather in the Midwest and Plains.

The most active corn contract for July delivery fell 4.75 cents, or 1.28 percent, to settle at 3.66 dollars per bushel. July wheat delivery dropped 8.75 cents, or 1.98 percent, to close at 4.335 dollars per bushel. July soybeans went down 8.25 cent, or 0.85 percent, to 9.6475 dollars per bushel.

In the outside markets, the Brent crude oil market is 0.07 dollar per barrel lower, the U.S. dollar is higher, and the Dow Jones Industrials are 8 points lower.

Jason Roose, U.S. Commodities grain analyst, says that the weaker markets stem from drier weather forecasts.

"Grain markets are retreating today on prospects of improving weather for the Midwest for planting progress," Roose says.

Traders were also adjusting positions ahead of the United States Department of Agriculture's monthly supply/demand report on Wednesday, which will include the government's first official production and usage estimates for corn and soybeans in the 2017/18 marketing year. Endit