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Chicago agricultural commodities end lower on bearish crop report

Xinhua Financein ​CHICAGO
2018-09-29 08:25

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Chicago Board of Trade (CBOT) agricultural commodities closed lower on Friday, after the U.S. Department of Agriculture (USDA) confirmed more supplies than expected of U.S. grains in a report.

The most active corn contract for December delivery went down 8.5 cents, or 2.33 percent, to close at 3.5625 dollars per bushel. December wheat delivery dropped 4 cents, or 0.78 percent to close at 5.09 dollars per bushel. November soybean delivery fell 9.5 cents, or 1.11 percent to close at 8.455 dollars per bushel.

In its Quarterly Grain Stocks Report released on Friday, the USDA pegged the U.S. corn stocks, as of Sept. 1, at 2.14 billion bushels vs. the average trade estimate of 2.010 billion bushels and 2.293 billion bushels at the same time a year ago.

For soybeans, the USDA pegged the Sept. 1 U.S. stocks at 438 million bushels vs. the average trade estimate of 401 million bushels and 302 million at this time last year.

Also, the U.S. Sept. 1 wheat stocks were estimated at 2.379 billion bushels vs. the average trade estimate of 2.343 billion bushels and 2.266 billion a year ago.

As for weather forecast for agricultural crop, a freeze warning is in effect for much of the U.S. state of North Dakota Friday morning as temperatures are expected to be in the 20s Fahrenheit degrees, according to the National Weather Service.
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