Chicago agricultural commodities lower across board

GMT 06:34 2014 Friday ,19 September

Arab Today, arab today Chicago agricultural commodities lower across board

Corn and soy futures in Chicago
Chicago - XINHUA

Chicago agricultural commodities closed lower Thursday across the board.
The most active corn contract for December delivery fell 3.5 cents, or 1.02 percent, to close at 3.3825 U.S. dollars per bushel. November soybean dropped 11 cents, or 1.12 percent, to close at 9. 715 dollars per bushel. December wheat lost 10.75 cents, or 2.15 percent, to close at 4.885 dollars per bushel.
All three major commodities are down as the market has absorbed the impact of the weekly sales report while traders weighed favorable U.S. weather and cash market decline.
Analysts say the highlight on Thursday is ongoing erosion in interior basis levels, with certain soybean bids falling more than 4 U.S. dollars per bushel in three days for spot delivery.
The U.S. Department of Agriculture's (USDA) weekly export sales report did not surprise traders as it was released Thursdays. Corn sales through the week ending last Thursday totaled 26 million bushels, wheat sales totaled a meager 12 million, soybean sales amounted to 54 million. Analysts note that wheat demand is especially weak and well behind the level needed to meet the USDA forecast. Corn sales were in line with expectations but also weak. Soybean sales reflect USDA's daily announcements last week, but traders expect a gradual shift to South American origin.
For their respective marketing years to date, the U.S. has sold 513 million corn bushels, down 7 million from last year; 935 million bushels of soybeans, up 95 million from last year, and 457 million bushels of wheat, down 170 million from last year.
The weather forecast has improved conditions even more for traders, the multiple-year-long drought coverage and intensity is shrinking across the Southern Plains.

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