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Chicago agricultural commodities settle lower

Updated: 04 21 , 2017 10:42
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CHICAGO, April 20 -- Chicago Board of Trade (CBOT) grains futures closed lower on Thursday with the wheat posting the biggest percentage loss since February.

The most active corn contract for July delivery fell 4 cents, or 1.09 percent, to settle at 3.6425 dollars per bushel.

July wheat delivery dropped 12.75 cents, or 2.93 percent to 4.2175 dollars per bushel. July soybeans was down 3.75 cents, or 0.39 percent, to 9.5675 dollars per bushel.

Although wheat and corn export sales for the week ending April 13 were within trade expectations, respectively 15.2 and 29.8 million bushel, according to the U.S. Department of Agriculture, the wheat futures suffered a almost three percentage decline, as a result of plentiful stockpiles both in the U.S. and the world.

Corn futures were also pressured by the down-turn of wheat and closed with losses for the forth consecutive session.

As Brazilian farmers are not increasing soybean sales on the CBOT decline, US soybean futures are now in a position to compete with Brazilian offers for July and August, analysts with the AgResource company said.

However, a strong dollar would make U.S. products relatively more expensive on the export markets.

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