Chicago Board of Trade (CBOT) agricultural futures closed lower on Tuesday as massive fund selling dragged down prices for a second consecutive session.
CBOT traders estimated that funds on Tuesday sold 7,000 contracts of soybeans, 6,000 contracts of corn, and 4,000 contracts of wheat.
At the end of the session, the most active soybean contract for May delivery was down 8 cents, or 0.86 percent, to close at 9.17 U.S. dollars per bushel. May wheat was down 4.5 cents, or 0.95 percent, to settle at 4.6825 dollars per bushel. May corn closed at 3.74 dollars per bushel, down 4 cents, or 1.05 percent.
U.S. soybeans got a boost during the previous session by the progress in the latest round of U.S.-China trade talks. As investors locked in profits and more Brazilian soybeans are expected to enter the international market, CBOT soybeans reversed the upturn on Tuesday.
News from Brazil has indicated that soybean harvest there continues at a strong pace. According to data up to Feb. 8, 38.4 percent of Brazil's 2018/19 soybean crops have already been sold, higher than 32.1 percent for the same period of the previous year.
U.S. Department of Agriculture on Monday confirmed sales by private exporters of 279,400 metric tons of corn for delivery to Mexico. But the export sales failed to boost corn futures.
CBOT wheat, facing international competition, has fallen to the lowest price level since April 2018.
CBOT traders estimated that funds on Tuesday sold 7,000 contracts of soybeans, 6,000 contracts of corn, and 4,000 contracts of wheat.
At the end of the session, the most active soybean contract for May delivery was down 8 cents, or 0.86 percent, to close at 9.17 U.S. dollars per bushel. May wheat was down 4.5 cents, or 0.95 percent, to settle at 4.6825 dollars per bushel. May corn closed at 3.74 dollars per bushel, down 4 cents, or 1.05 percent.
U.S. soybeans got a boost during the previous session by the progress in the latest round of U.S.-China trade talks. As investors locked in profits and more Brazilian soybeans are expected to enter the international market, CBOT soybeans reversed the upturn on Tuesday.
News from Brazil has indicated that soybean harvest there continues at a strong pace. According to data up to Feb. 8, 38.4 percent of Brazil's 2018/19 soybean crops have already been sold, higher than 32.1 percent for the same period of the previous year.
U.S. Department of Agriculture on Monday confirmed sales by private exporters of 279,400 metric tons of corn for delivery to Mexico. But the export sales failed to boost corn futures.
CBOT wheat, facing international competition, has fallen to the lowest price level since April 2018.
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