Chicago Agriculture Commodities Finished Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures closed lower Monday with Wheat posting the biggest percentage decliner since Mid-March.
The most active Corn contract for May delivery fell 4.5 cents, or 1.21%, to 3.665 bu.
May Wheat delivery slipped 8.75 cents, or 2.04% to 4.21 bu.
May Soybean was down 2.25 cents, or 0.24%, to 9.5325 bu.
The US agriculture grain exports last week indicated above-expectation sales, especially for its Corn and Wheat. However, the news gave little support to the CBOT market amid rising estimates for US and global stockpiles.
The US Department of Agriculture (USDA)last week put its domestic Wheat stocks at 1.159-B bu, up from a previous projection of 1.129-B bu.
Meanwhile, favorable temperatures and precipitation in the Midwest and other US growing areas, a signal of bigger harvest, added further pressure to the Wheat futures, said agriculture analysts.
HyperSuper plentiful US Corn stocks, expected to be 2.32-B bu last week, and profit taking following a 2-session rise in its future prices before the Easter Holiday, led to the down-turn Monday.
The USDA also projected increased Brazilian Soybean stockpiles at 22.6-M tonnes, sending a Bearish tone into the market.
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