World Biz
CBOT wheat settles lower over rising stockpiles
Last Updated: 2019-04-10 06:03 | Xinhua
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Chicago Board of Trade (CBOT) wheat futures settled lower on Tuesday, pressured by better crop progress and rising stockpiles.

CBOT wheat contract for May delivery was down 5.75 cents, or 1.24 percent to close at 4.595 U.S. dollars per bushel. May corn was unchanged at 3.60 dollars per bushel. May soybeans were also steady, closing at 8.9875 dollars per bushel.

According to the crop progress report released on Monday by the U.S. Department of Agriculture (USDA), 60 percent of U.S. winter wheat was rated good/excellent as of April 7, up from 56 percent over seven days earlier and 30 percent one year ago. Better crop condition pressured CBOT wheat futures, said market watchers.

On Tuesday, the USDA released its monthly supply and demand report, indicating rising U.S. and world wheat ending stocks for 2018/19 marketing year.

In its April report, the USDA estimated world wheat ending stocks at 275.61 million metric tons, higher than last month's 270.53 metric tons.

Both the most active corn and soybean futures closed flat on Tuesday, but the corn market is now also under pressure of increased world and domestic ending stocks.

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