CHICAGO, March 1: Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Monday with wheat edging higher, soybean and corn futures keeping falling after the U.S. government projected last week ample crop stocks would persist through next year.
Chicago corn led losses as the most active corn contract for May delivery lost 2.5 cents, or 0.7 per cent, to close at 3.57 dollars per bushel. Soybean for May delivery dropped 2.5 cents, or 0.29 per cent, to close at 8.61 U.S. dollars per bushel. Meanwhile, May wheat delivery gained 1 cents, or 0.22 per cent, to close at 4.5325 dollars per bushel.
Chicago corn and soybeans fell for a fifth straight session on Monday, pressured by no major weather threats existing in either South America or across the Northern Hemisphere, while South America continuing to add to 2016 crop export commitments.
Corn and soybeans were also put more pressure by the U.S. weekly export inspections released by the U.S. Department of Agriculture(USDA) on Monday showing that corn shipments through the week ending Feb. 25, were down almost 19 per cent from the previous week, soybean exports logged an over 32 per cent drop, wheat inspections rose by nearly 38 per cent from the prior week, respectively.
"This week's data was largely within trade expectations, but does little to prevent future downward adjustments in coming WASDE reports," said AgResource company, a Chicago-based agricultural research institute. The company also noted that corn shipments to date still account for a record low 35 per cent of the USDA's forecast.
However, losses in the corn and soybean markets were trimmed by higher prices for crude oil for the day.