CBOT wheat falls sharply amid rainfall over U.S. plains, Europe

CHICAGO, March 17 — Chicago Board of Trade (CBOT) agricultural commodities closed mixed on Friday with wheat prices falling more than two percent for the second consecutive day as rainfall alleviated dryness in U.S. plains.
The most active corn contract for May delivery fell four cents, or 1.03 percent to settle at 3.8275 dollars per bushel. May wheat delivery lost 11 cents, or 2.30 percent to close at 4.6775 dollars per bushel. May soybeans were up 8.75 cents, or 0.84 percent to settle at 10.495 dollars per bushel.
The poor export sales of U.S. wheat recently led to 2.05 percent price plunge in the previous session. Rainfall in central U.S. plains added more pressure on Friday onto CBOT wheat futures.
Meanwhile, precipitation across Europe, especially the Black Sea region and Russia, are building prospects for larger wheat crops, said market analysts.
As for soybeans, damage to the Argentine crop from longtime drought continued to support CBOT prices.
Buenos Aires Grain Exchange estimated on Thursday that Argentina soybean crop would decrease to 40 million metric tons from the previous 46 million metric tons, as the rainfall came too late.

Xinhua