Chicago corn, soybean down on record supplies, wheat unchanged

May 2, 2015 11:30 am 

CHICAGO, May 2 — Chicago Board of Trade (CBOT) corn, soybeans futures closed lower on Friday, as traders see new crop supplies are coming into better perspective under favorable weather forecasts ahead of the May U.S. government's estimates report.

The most active corn contract for July delivery lost 3.25 cents, or 0.89 percent, to close at USD 3.6975 per bushel. Wheat for July delivery was unchanged, to close at USD 4.74 per bushel. July soybeans dropped 11.25 cents, or 1.15 percent, to close at USD 9.6475 per bushel.

Chicago corn fell to new lows for 2015 on Friday as more corn are planted and the U.S. weather forecast is favorable, which are producing bearish headwinds for both soybeans and wheat.

Soybeans had been the downside leaders Friday with active fund selling amid easing worries that the soybeans delivery in South America disrupted, as well as an oversupply of old crops.

Wheat futures continued to be pressured by recent export cancellations and by prospects for plentiful world supplies.

"The charts are all pointing lower and with favorable weather forecast for much of the Northern Hemisphere including the Central U.S., its just hard to be a bull," said AgResource company, a Chicago- based agricultural research institute.

For the week, the most active corn contract for July delivery fell by 1.8 percent, July wheat shed almost 3 percent and July soybeans dropped 0.67 percent.(PNA/Xinhua)

JBP/PJN

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