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CBOT wheat lower amid rainfall in U.S. plains

Xinhua,March 29, 2018 Adjust font size:

CHICAGO, March 28 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities closed lower on Wednesday with wheat prices continuing to fall amid rainfall in the U.S. plains.

The most active corn contract for May delivery fell 0.5 cent, or 0.13 percent to settle at 3.735 dollars per bushel. May wheat delivery lost 3.5 cents, or 0.78 percent to close at 4.455 dollars per bushel. May soybeans were down 1.5 cents, or 0.15 percent to settle at 10.18 dollars per bushel.

CBOT brokers reported that funds sold 4,300 contracts of corn, 2,100 contracts of wheat and 3,200 contracts of soybeans.

Rainfall in the mid-south plains, including Kansas, eastern Oklahoma and Texas, is expected to ease the dryness and improve crop conditions, thus has dragged down wheat prices.

Meanwhile, the funds have been cutting their market length as it is moving toward the end of the month and the first quarter. That net long position reduction has pressured CBOT futures.

Funds also trimmed their market exposure ahead of Thursday's report by the U.S. Department of Agriculture on stocks and seeding, the most important one of the first quarter as it will set the stage for CBOT price action into early summer. Enditem

 

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