CHICAGO (Xinhua) – Chicago Board of Trade agricultural commodities closed lower on Tuesday with all three major commodities falling.
The most active corn contract for March delivery fell 6.25 cents, or 1.51 per cent, to close at 4.065 US dollars per bushel. March soybeans dropped 4.75 cents, or 0.45 per cent, to close at 10.44 dollars per bushel. Wheat for March delivery lost 13.5 cents, or 2.19 per cent, to close at 6.02 dollars per bushel.
Corn and wheat sank lower amid farmers’ selling and a lack of buying, while soybeans dropped as Chinese interest in US and Latin American soybeans has shrunk.
Analysts say wheat fell as the world wheat market starts to realise that Russia’s tax on wheat exports starting on Feb 1 will not have much impact.
North Africa is enjoying a much better growing season than last year. Rainfall has been adequate to surplus across Morocco, Algeria, and Tunisia which will increase their production. The result will affect import needs in 2015.
The weather forecast for South America is to be dry, while remaining positive as crops throughout Argentina and South Brazil are well watered and analysts believe row crop potential looks strong.