CHICAGO, May 11 (Xinhua) -- Chicago Board of Trade (CBOT) crop futures closed sharply lower in the trading week ending on May 10, pressured by bearish market data and prolonged trade tensions between the United States and China.
Soybeans are loaded into a grain cart during harvest in Wyanet, Illinois, US, on Tuesday, Sept. 18, 2018. (File photo: VCG)
The most active soybean contract for July delivery was down 33 cents, or 3.92 percent, to close at 8.0925 dollars per bushel. July corn was down 19 cents, or 5.12 percent, to settle at 3.5175 dollars per bushel. July wheat was down 13.25 cents, or 3.03 percent weekly, to close at 4.2475 dollars per bushel.
CBOT soybean futures suffered almost 4 percent losses as prolonged trade tensions with China, the world's top soybean buyer, pushed soybean prices to decade lows.
The oil seed futures managed to end the week above 8 dollars per bushel, but spot soybeans even fell below the level.
The US Department of Agriculture (USDA) released on Friday its monthly supply and demand report, showing bearish estimates.
The 2019/20 outlook for US soybeans indicates slightly lower ending stocks compared to 2018/19, but still higher than the trade's estimate.
In another USDA weekly export report for the period of April 26-May 2, US soybean sales were unsatisfactory with eye-catching large cancellations of 263,500 metric tons for unknown destinations.
CBOT corn futures posted sharp weekly losses as well, amid lower export sales and higher estimated ending stocks.
US exporters reported weekly corn sales of 287,600 metric tons, a new low for 2018/19 market year. The export sales were down 51 percent from the previous week and 60 percent from the prior four-week average.
Meanwhile, the US corn outlook for 2019/20 market year is for larger production and domestic use, lower exports, and greater ending stocks. US corn exports are forecast to decline 25 million bushels in 2019/20, despite increasing world corn trade.
CBOT wheat settled lower for the fifth consecutive week.
In the May supply and demand estimates report, the initial outlook for 2019/20 US wheat is for larger supplies, higher domestic use, lower exports, and larger stocks. Moreover, higher world ending stocks and fierce competition in international market will pressure US wheat further.
Net US wheat sales between April 26 and May 2 were pegged at 90,600 metric tons for delivery in 2018/19, a market year low. The export volume was down 26 percent from the previous week and 68 percent from the prior four-week average.
In addition, favorable weather conditions across the wheat-growing European Union and Black Sea regions, better winter wheat ratings in the Unite States, have further pressured CBOT grain prices, said market analysts.