CHICAGO, March 30 (BSS/Xinhua) -- Chicago soybeans, corn and wheat all sharply dropped yesterday with traders reacting to a stronger dollar, low weekly export sales and negative outside market conditions.
The most active corn contract for May delivery lost 16.25 cents, or 2.62 percent, to close at 6.04 U.S. dollars per bushel. May wheat sharply dropped 18.25 cents, or 2.89 percent, to settle at 6. 125 dollars per bushel. May soybeans fell 12 cents, or 0.88 percent, to close at 13.555 dollars per bushel.
Corn continued its steep downward slide this week, trading at its lowest level since Jan. 19. Thursday's close marked a 42- cent decline from corn's last gain, which was posted March 23.
The U.S. Department of Agriculture said Thursday that U.S.
weekly corn export sales came in significantly lower than
expectations, with a total of 157,700 metric tons, which marked
the lowest export sales since June 2011.
Such weak export data, combined with a stronger dollar and
negative outside market forces in the equities and energy
markets, pushed corn into lower territory and led to heavy
Due to similar difficulties, wheat suffered even greater
losses than corn Thursday. Wheat continued declines that first
began Tuesday, and dropped to the market's lowest level since
Dec. 19. May wheat is now down 47 cents since Monday's positive
News of wetter weather in Europe also pressured the wheat
market, which had taken some support last week from news of drier
weather in the western part of the continent.
Total wheat export sales for this week were below
expectations, registering at 403,100 metric tons.
Soybeans also saw setbacks Thursday, though not to the
extent faced by the other grain commodities.
However, the stronger dollar and heavy losses in corn and
wheat served as negative forces keeping soybeans down, leading to
the market's lowest close since March 22.
Total weekly export sales for soybeans were 592,300 metric
tons, consistent with market expectations.