CHICAGO, June 1 (Xinhua) — Chicago Board of Trade (CBOT) grains futures closed lower on Thursday amid harvest expectation as warm and sunny weather prevails in the U.S. Midwest regions.
The most active corn contract for July delivery fell 1.5 cent, or 0.4 percent, to 3.705 dollars per bushel. July wheat delivery went down 0.25 cent, or 0.06 percent, to close at 4.29 dollars per bushel. July soybeans slid by 3.75 cents, or 0.41 percent, to 9.1225 dollars per bushel.
Traders have noticed the change in the North American weather pattern as the sunny and drier weather would help corn and soy crops emerge and gain in condition ratings.
Under the pressure of expected harvest, CBOT brokers reported that funds sold 3,000 contracts of corn, 2,600 contracts of soybeans and 2,500 contracts of wheat, which led to a moderate downturn of their futures.
The Russian Agriculture Ministry reportedly reduced their 2017 grain crop estimate to 100-105 million tons from last month’s 110 million tons. However, this failed to boost the wheat futures, when plenty stocks worldwide were taken into consideration. Enditem