Markets > Commodities

CBOT crop futures settle lower

2019-04-09 05:51

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CHICAGO, April 8 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures settled lower on Monday, as investors positioned themselves ahead of Tuesday's monthly supply and demand estimates report of the U.S. Department of Agriculture (USDA).

CBOT corn contract for May delivery was down 2.5 cents, or 0.69 percent to close at 3.60 U.S. dollars per bushel. May wheat was also down 2.5 cents, or 0.53 percent, to settle at 4.6525 dollars per bushel. May soybeans were down 0.25 cent, or 0.03 percent, to close at 8.9875 dollars per bushel.

USDA is expected to release on Tuesday its April supply and demand report.

On Monday, the USDA released its export inspections report for the week ending on April 4, showing a total of 1.035 million metric tons of corns were inspected, lower than the volume of 1.259 million metric tons in the previous week.

Already higher stocks and lower exports pressured the corn futures.

CBOT floor traders reported that investors sold 3,100 contracts of corn on Monday, while buying 2,100 contracts of wheat and 1,600 contracts of soybeans.

Soybeans traded in the positive territory during the morning amid new progress in the U.S.-China talks, after the two sides concluded Friday another round of high-level economic and trade talks in Washington.

U.S. soybean weekly export inspections were reported at 888,160 metric tons, compared with 731,590 metric tons during the previous week.

However, mild profit taking toward the end of the session led to the slight losses of CBOT soybeans, said market watchers.

CBOT wheat continued to slide on the third straight session amid plentiful wheat stocks. Enditem

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