U.S. agricultural futures fall

0 Comment(s)Print E-mail Xinhua, April 15, 2020
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CHICAGO, April 14 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed down on Tuesday, with corn, wheat and soybeans all falling.

The most active corn contract for July delivery lost 4 cents, or 1.19 percent, to close at 3.3225 U.S. dollars per bushel. July wheat dropped 5.75 cents, or 1.04 percent, to end at 5.4975 dollars per bushel. May soybeans fell 7.25 cents, or 0.85 percent, to settle at 8.47 dollars per bushel.

Prices for all three crops fell amid International Monetary Fund projections that as the global economy contracts from the impact of the COVID-19 pandemic, unemployment and the loss of per-capita income and spending will weigh on total food consumption into late 2020.

Wheat was also weakened by an improved Russian forecast with news that Egypt's state commodities buyer GASC had secured two cargoes of Russian wheat for delivery between May 15 and June 15. The purchase is expected to limit additional importer interest in wheat for May-June arrival, according to AgResource, a Chicago-based agricultural research firm.

Corn continues to be hurt by the dark outlook for ethanol, as Americans stay off highways and keep their cars in garages in response to COVID-19 "stay-at-home" orders.

The Agricultural Research Council said it expects United States Energy Information Administration data on Wednesday to show another cut in weekly ethanol production to between 185 million and 190 million gallons, versus 198 million the previous week and 299 million in late April of 2019. Enditem

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