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CBOT corn, soybean futures give up Friday's gains

2019-07-16 05:32

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CHICAGO, July 15 (Xinhua) -- Chicago Board of Trade (CBOT) crop futures fell significantly across the board on Monday, with corn and soybeans giving up sharp gains from last session.

The most active corn contract for December delivery was down 12.25 cents, or 2.67 percent to 4.47 U.S. dollars per bushel. September wheat was down 15.25 cents, or 0.292 percent to 5.0775 dollars per bushel. November soybeans were down 11.5 cents, or 1.23 percent to 9.20 dollars per bushel.

Hot and dry weather forecasts for the U.S. Midwest had significantly pushed up CBOT prices last week, amid concerns about possible crop damage.

Profit taking and downbeat export data led to the fall of CBOT futures on Monday, said market followers.

The U.S. Department of Agriculture (USDA) on Monday released its weekly export inspection report. In the week ending July 11, 676,485 metric tons of corn were inspected or weighed, lower than 721,419 metric tons in the previous week.

The USDA pegged inspected wheat at 315,358 metric tons, sharply down from 616,261 in the previous seven days.

After Monday's market close, the USDA reported slightly improved corn and soybean conditions, which will possibly put additional pressure on their futures, said analysts. Enditem

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