Prices for Chicago farm produce futures drop mainly on weather issue

 
Chicago agricultural commodity futures were traded lower Wednesday, as weather and consumption issues weighed on the trading in the day. 

The most active corn contract for May delivery fell 20.5 cents, or 2.89 percent, to close at 6.885 dollars per bushel. May wheat fell 22.25 cents, or 3.15 percent,tyre equipmentsto settle at 6.prepreg8375 dollars per bushel. May soybeans edged down 0.5 cents, or 0.Vintage bath fixtures03 percent, to close at 14.66 dollars per bushel. 

According to Chicago Mercantile Exchange (CME), May corn traded sharply lower after the bull camp was unable to breach key technical levels to the upside this week and on a better weather forecast over the next five days. Showers are expected for areas of the north central plains and eastern Corn Belt, which should improve soil conditions further.Vintage tubs 

Also for corn, production for the week ending March 1 averaged 805,000 barrels per day, down 0.86 percent compared with the previous week and down 11.2 percent compared with that of last year. Total ethanol production for the week was 5.64 million barrels. Corn used in last week's production is estimated at 84.5 million bushels, down from 85.3 million the week before. 

Wheat markets traded sharply lower on the day and the May Chicago wheat contract traded down to its lowest level since June 15, 2012. Most commodity weather analysts suggest weather conditions in the Northern Hemisphere remain favorable for crops at the moment with the exception of the dry conditions in the western plains. 

May soybeans traded both sides of the unchanged Wednesday. Overall, South American soybeans supply looks healthy at this point, which limited gains on the day along with a stronger U.S. dollar. U.S. weather favors a bearish bias for November soybeans as good rainfall is expected to shift into key U.S.Auto Accessories wholesalers growing regions by this weekend.