- CNTV English - CCTV News

Homepage > News > Biz >

Chicago wheat drops the most in one month as dollar firms

12-15-2010 10:25 BJT

CHICAGO, Dec. 14 (Xinhua) -- Chicago wheat tumbled the most in one month on Tuesday, as U.S. dollar reversed losses and funds started to book in profits before the end of the year. Corn and soybean both lost momentum and edged lower.

The most active corn contract for March delivery trimmed 1.25 cents, or 0.2 percent, to 5.8725 dollars per bushel. March wheat futures pared 17 cents, or 2.2 percent, at 7.6325 dollars a bushel. January soybean dropped 6.5 cents, or 0.5 percent, to 12.96 dollars per bushel.

The greenback regained some ground on Tuesday morning, paring earlier losses, encouraged by a bigger-than-expected rise in U.S. retail sales for November, as well as an upbeat U.S. producer prices. The stronger dollar was considered as a drag on grain prices, eroding their competitive edge in the International market.

A trader attributed the loss of wheat prices to the improving weather conditions in eastern Australia, but some trader believed that the concerns over excessive wet conditions in Australia as well as the persistent dryness in U.S. hard red wheat belt have already been factored into the price, and investors and traders has been keen on booking profits after the recent rally of wheat.

Meanwhile, lack of activity in the cash market recently added upward pressure on grain prices, as a weekend storm blanketed the northern Midwest with heavy snow and brought bitterly cold weather.

Editor:Du Xiaodan |Source: Xinhua

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program