CHICAGO, Feb. 27 (Xinhua) -- Chicago Board of Trade (CBOT) corn and wheat futures closed sharply lower on Thursday, as a latest report showed unsatisfactory export sales.

The most active corn contract for May delivery fell 6.5 cents, or 1.74 percent, to settle at 3.68 U.S. dollars per bushel. May wheat went down 8.25 cents, or 1.54 percent, to close at 5.275 dollars per bushel. May soybeans gained 3 cents, or 0.34 percent, to end the session at 8.95 dollars per bushel.

The U.S. Department of Agriculture on Thursday released its weekly export sales report, showing a bearish picture in general for the Feb. 14-20 period.

Net U.S. corn sales were reported at 864,600 metric tons for the 2019/20 marketing year, down 31 percent from the previous week and 26 percent from the prior four-week average.

Meanwhile, net wheat sales were pegged at 381,800 metric tons for 2019/20, up 10 percent from the previous week, but down 23 percent from the prior four-week average.

U.S. net soybeans sales stood at 339,300 metric tons for 2019/20, down 31 percent from the previous week and 38 percent from the prior four-week average.

However, reports that Argentina is likely to raise export taxes on its soybeans supported Chicago soybean futures, which ended with gains for the third session in a row. Enditem

Related

Go to Forum >>0 Comment(s)