CHICAGO, April 17 -- Chicago Board of Trade (CBOT) grains futures closed lower on Monday with wheat posting the biggest percentage decline since Mid-March.
The most active corn contract for May delivery fell 4.5 cents, or 1.21 percent, to 3.665 dollars per bushel. May wheat delivery slipped 8.75 cents, or 2.04 percent to 4.21 dollars per bushel. May soybeans was down 2.25 cents, or 0.24 percent, to 9.5325 dollars per bushel.
The U.S. agricultural 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 U.S. and global stockpiles.
The U.S. Department of Agriculture (USDA)last week put its domestic wheat stockpiles at 1.159 billion bushels, up from a previous projection of 1.129 billion bushels.
Meanwhile, favorable temperatures and precipitation in the Midwest and other U.S. growing areas, a signal of bigger harvest, added further pressure to the wheat futures, said analysts.
Plentiful U.S. corn stockpiles, expected to be 2.32 billion bushels last week, and profit taking following a two-session rise in its future prices before the Easter holiday, led to the down-turn on Monday.
The USDA also projected increased Brazilian soybean stockpiles at 22.6 million tons, sending a bearish tone to the market. Enditem
