CHICAGO, June 1 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures closed down on Monday with corn, wheat and soybeans all falling.
The most active corn contract for July delivery dropped 2.5 cents, or 0.77 percent, to settle at 3.2325 U.S. dollars per bushel. July wheat slipped 5.5 cents, or 1.06 percent, to end at 5.1525 dollars per bushel. July soybeans fell 0.25 cent, or 0.03 percent, to close at 8.405 dollars per bushel.
CBOT traders estimated that funds bought 5,000 to 6,000 contracts of corn and 3,600 contracts of soybeans, while selling 2,800 contracts of wheat.
U.S. export inspections for the week ending May 28 were 44.4 million bushels of corn, 14.5 million bushels of soybeans and 18.4 million bushels of wheat.
For their respective crop years to date, the United States has exported 1,121 million bushels of corn, down 427 million bushels or 27 percent; 1,300 million bushels of soybeans, up 43 million bushels or 3 percent; and 914 million bushels of wheat, up 3 million bushels or equal to that a year ago.
China is bidding for additional Brazilian soybeans, according to data from the U.S. Department of Agriculture.
The Agricultural Research Council (ARC) maintains that estimates for 2019/20 U.S. soybeans are overstated by 17 million to 150 million bushels. China has fully covered their import needs through mid-August, ARC said.
Chicago-based agricultural research firm AgResource said the United States Department of Agriculture is likely overstating its projections for 2019/20 corn exports in the World Agricultural Supply and Demand Estimates (WASADE) by 15 million to 30 million bushels.
U.S. weather forecasts are favorable and conditions for U.S. Midwest corn and soybeans are expected to rise in the weeks ahead.