Chicago agricultural commodities settle lower on rising end stocks

CHICAGO, Dec. 12 (Xinhua) -- Chicago Board of Trade (CBOT) grains closed lower on Tuesday as an updated report raised end stocks of wheat and soybeans in 2017/18.

The most active corn contract for March delivery fell 1.25 cents, or 0.36 percent, to settle at 3.4775 dollars per bushel. March wheat delivery went down 2.75 cents, or 0.67 percent, to 4.1075 dollars per bushel. January soybeans lost 6.75 cents, or 0.69 percent to close at 9.7575 dollars per bushel.

U.S. Department of Agriculture (USDA) released its monthly world agricultural supply and demand estimates report on Tuesday.

According to the newly adjusted estimates, 2017/18 U.S. wheat end stocks were increased by 25 million bushels to 960 million, while the world wheat end stocks were forecast to rise one million metric tons to a record large 268.4 million metric tons.

The U.S. soybean end stocks were raised 20 million bushels to 445 million bushels, while world soybean end stocks were estimated to rise to a record large 98.3 million metric tons.

Although the USDA raised ethanol demand in corn by 50 million bushels, the increase failed to support CBOT corn futures on Tuesday. Enditem