Chicago agricultural commodities close lower as favorable weather weighs

Added On August 2, 2016

CHICAGO, Aug. 1 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities tumbled Monday on mostly favorable weather forecasts in the U.S. Midwest, as it spurred expectations for bumper harvest this fall.

The most active corn contract for December delivery shed 8.5 cents, or 2.48 percent, to 3.3425 U.S. dollars per bushel. September wheat delivery was lower of 1.75 cents, or 0.43 percent, to 4.06 dollars per bushel. November soybeans plunged 41.5 cents, or 4.14 percent, to 9.615 dollars per bushel.

Following days of hot weather across the U.S. farm belt this week, cooler weather are forecast to bring relief in the following six to ten days. Meanwhile, scattered showers will also water crops over the next couple of weeks, aiding soybeans in their most critical month for development.

Soybean futures dropped, erasing gains in the previous session.

Corn prices fell to a 22-month low, pressured by expectations that farmers will produce a record crop this year due to benevolent weather.

A record U.S. corn crop would heap grain upon already abundant domestic and global supplies, analysts said.

Wheat prices slid to a fresh 10-year low on ample world supplies. Though rain-reduced crops in France, a major wheat producer, had recently helped buoy the market, prices have declined for the past five sessions as large crops elsewhere promise to make up for shortfalls in Europe.