Chicago agricultural commodities fall

January 30, 2015 1:50 am 

CHICAGO, Jan. 29 — Chicago agricultural commodities closed lower Wednesday with all three major commodities falling.

The most active corn contract for March delivery fell 8 cents, or 2.10 percent, to close at 3.7325 U.S. dollars per bushel. Soybeans for March delivery dropped 3.5 cents, or 0.36 percent, to close at 9.7025 dollars per bushel. Wheat for March delivery lost 13.75 cents, or 2.65 percent, to close at 5.0525 dollars per bushel.

Funds were active sellers on Wednesday as the financial markets were waiting for results of the first Federal Reserve's policy meeting of 2015.

March wheat slipped for the sixth session in a row amid the falling prices in French wheat offers as producers there tried to unload old crop stocks. Analysts note that they are finding strong Asian demand for European feed wheat.

The U.S. Energy Information Administration's weekly ethanol demand and storage report showed production was 978,000 barrels per day. Analysts say this was in line with the high production totals of recent weeks and slightly bullish as producers are not yet cutting their run rates.

But the report also showed the U.S. ethanol inventory rose 1.3 percent to the highest level in several years, adding some concerns on the weak demand for corn ethanol in coming months.

Soybeans' decline followed the news that early Brazilian soybean yields are record large, but hampered by short covering in soymeal, which offered support to the soybean futures.

The weather for South America remains positive with dryness in harvest areas and some rain in still-unharvested soybeans areas, while the U.S. weather forecast remains unchanged. (PNA/Xinhua)



Comments are closed.