Chicago agricultural commodities close lower; NY cocoa rallies sharply

Chicago

CHICAGO Board of Trade (CBOT) grains futures settled slightly lower on Friday, extending losses in agricultural markets following quiet trade ahead of the Christmas holiday.

The most active corn contract for March delivery fell 1.5 cents, or 0.43 per cent, to US$3.4575 per bushel. March wheat delivery fell 3.5 cents, or 0.88 per cent, to US$3.935 per bushel. January soyabeans dropped 6.5 cents, or 0.65 per cent, to US$9.975 per bushel.

Soyabean prices declined to a more than five-week low, buffeted by forecasts for more crop-friendly rains in Argentina, which have helped alleviate fears that dry weather would dent production in that country.

Weather forecasts call for rains in northern Argentina and across most of Brazil, boosting South American growing conditions and spurring speculation that farmers there will see strong soyabean harvests, wh…