Chicago crop futures closed lower on Friday, with the March corn contract settling below the US$4/bu threshold.
Heavy US and global supplies continued to overhang the corn market, with the March future losing 9% of its value so far this month already. That’s the largest percentage loss since 1975, according to a Reuters report. March corn fell 6 ¼ cents to $3.99 ¾, and December dropped 3 ¾ cents to $4.49 ½.
Soybeans were undone by a disappointing weekly export sales report, delayed from Thursday by the Presidents Day holiday on Monday. The report showed bookings for the week ended Feb. 15 at a marketing year low of just under 56,000 tonnes, well off trade expectations ranging from 300,000 to 800,000 tonnes. Newly harvested Brazil soy supplies are lower priced compared to the US, attracting world buyers. March beans lost 14 ¾ cents to $11.33 and November dropped 4 ¾ cents to $11.30 ¼.
Wheat mainly followed corn lower. March Chicago closed 9 ¾ cents lower at $5.73 ½, March Kansas City fell 5 ¼ cents to $5.68 ¾, and March Minneapolis posted a 9 ¾-cent loss to $6.41 ½.
