Chicago agricultural commodities keep sliding - Business News ...

Most Chicago agricultural commodities kept sliding on Monday, with only May corn gaining slightly.

The most active corn contract for May delivery gained 1.25 cents, or 0.18 percent, to close at 6.855 dollars per bushel. May wheat fell 13.5 cents, or 1.88 percent, to settle at 7.0525 dollars per bushel. May soybeans lost 8.5 cents, or 0.59 percent, to close at 14.3525 dollars per bushel.

Corn traded almost unchanged on Monday as the U.S. dollar went higher.

The Department of Agriculture (USDA) reported on Monday that U. S. private exporters sold 127,000 tonnes of corn to an unknown destination, supporting corn slightly.

Export data were also supportive to corn, which came in at 11.6 million bushels last week, up from 9.5 million bushels in the prior week. The cumulative shipment pace is now 39 percent of the USDA forecast, as against a 5-year average of 45 percent.

But weather outlook is not so good for corn, with only scattered rainfalls expected in Argentina and a blizzard moving out of the U.S. Midwest, a key corn growing area.

Wheat tumbled on Monday on a stronger greenback.

News that Egypt's imports may decline further in the coming months dampened wheat. The blizzard sweeping through the U.S. western plain also added a bearish tone to the wheat market.

Wheat exports last week stood at 21.2 million bushels, down from 30.3 million the week before. The cumulative shipment pace is now 64 percent of the USDA estimate, as against a 5-year average of 71 percent.

Though wheat feed demand in the United States may continue into the spring and even into the new crop corn harvest, the positive factor is being offset by favorable conditions in the U.S. eastern Corn Belt.

Soybean also went lower on Monday due to technical selling and profit taking.

Soybean exports last week were slightly below market estimates at 27.3 million bushels, down from 40.4 million the week before. The cumulative shipment pace is now 82 percent of the USDA forecast for this marketing year, as against a 5-year average of 67 percent.

The USDA also announced on Monday that private exporters sold 120,000 tonnes of U.S. soybeans to China for the 2013-14 marketing year.

Source: http://english.sina.com/business/2013/0225/565225.html

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