Roundup: Chicago agricultural commodities end lower over the week

CHICAGO, June 2 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities closed lower over the trading week which ended June 1, with corn futures dropping over 3 percent as investors booked profits amid trade tensions.

The most active corn contract for July delivery fell 14.5 cents weekly, or 3.57 percent, to 3.915 dollars per bushel. July wheat delivery dropped 19.75 cents, or 3.64 percent, to 5.2325 dollars per bushel. July soybeans dived 20.25 cents, or 1.94 percent, to 10.2125 dollars per bushel over the week.

CBOT corn futures plunged on profit taking amid renewed global trade concern. A resolution on the North American Free Trade Agreement seems unlikely this summer.

Crude oil has fallen noticeably from recent highs on trade concerns and as OPEC's meeting later this month will include a desire to boost production. Whether OPEC changes its current cap is far from certain.

World weather patterns are becoming more concerning. It remains that very little rain will fall across the Black Sea Corn Belt into mid-June. Net declines in soil moisture will be featured across the United States amid incredible heat. Analysts expect soil moisture loss to continue through the entirety of June.

Wheat futures fell nearly 20 cents driven by spring contracts in Minneapolis. Needed rain will fall across much of the Canadian Prairies. Early Hard Red Wheat yield reports have been a bit better than expected, and long liquidation occurred late in the week.

However, Black Sea weather remains key and no improvement is indicated there into the middle part of June. Just 15 to 50 percent of normal rain has fallen in Ukraine and Southwest Russia in the past 45 days.

Already major exporter stocks are forecast to fall considerably. New crop Russian wheat is offered this weekend at 202 to 204 dollars per tonne, vs. 182 dollars last year, reflecting a tightening world wheat balance sheet.

New highs will be found this summer if Black Sea and Australian weather patterns fail to change by the opening days of July.

Soybeans were lower at the end of a holiday shortened week. The announcement of U.S. tariffs on steel and aluminium imports from the European Union, Canada and Mexico sent the market lower on trade retaliation concern.

U.S. soybean planting progress through Sunday is expected to reach or surpass 90 percent, while the U.S. Department of Agriculture is expected to report initial crop condition ratings.

Based on strong U.S. corn ratings, initial soybean good and excellent ratings are expected to also be high. A few state reports were available last week which showed 80 percent of the Illinois crop and 74 percent of the Indiana crop were rated as good or excellent. Enditem