Chicago agricultural commodities close lower

December 31, 2014 10:23 am 

CHICAGO, Dec. 31 — Chicago Board of Trade agricultural commodities closed lower on Tuesday with all three major commodities falling.

The most active corn contract for March delivery fell 6.25 cents, or 1.51 percent, to close at US$ 4.065 per bushel. March soybeans dropped 4.75 cents, or 0.45 percent, to close at US$ 10.44 per bushel. Wheat for March delivery lost 13.5 cents, or 2.19 percent, to close at US$ 6.02 per bushel.

Corn and wheat sank lower amid farmers' selling and a lack of buying, while soybeans dropped as Chinese interest in U.S. and Latin American soybeans has shrunk.

Analysts say wheat fell as the world wheat market starts to realize that Russia's tax on wheat exports starting on Feb. 1 will not have much impact.

North Africa is enjoying a much better growing season than last year. Rainfall has been adequate to surplus across Morocco, Algeria, and Tunisia which will increase their production. The result will affect import needs in 2015.

The weather forecast for South America is to be dry, while remaining positive as crops throughout Argentina and South Brazil are well watered and analysts believe row crop potential looks strong. (PNA/Xinhua)

LGI/JSD

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