Chicago agricultural commodities settle lower
Xinhua,December 29, 2017 Adjust font size:
CHICAGO, Dec. 28 (Xinhua)-- Chicago Board of Trade (CBOT) grains closed lower on Thursday, with soybeans futures dropping double digits amid favorable South American weather that may boost yields, adding to the glut of global supplies.
The most active corn contract for March delivery went down 1.75 U.S. cents, or 0.49 percent, to 3.52 dollars per bushel. March wheat delivery fell 0.25 cents, or 0.06 percent, to 4.2775 dollars per bushel. March soybeans dropped 10.75 cents, or 1.11 percent to 9.5675 dollars per bushel.
CBOT brokers estimate that funds have sold 3,100 contracts of corn, 1,200 contracts of wheat, and 4,200 contracts of soybeans. In soy products, funds have sold 2,100 soyoil and 1,700 contracts of soymeal.
As for international market, Russia's Federal State Statistics Service has raised their estimate of the 2017 Russian wheat crop to a record 85.8 million tonnes. This is up 2.8 million tonnes from the U.S. Department of Agriculture's December forecast. Enditem