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Bumpy Finish To Weekly Trade
CHICAGO - Mar 7/08 - SNS -- International agriculture commodity markets finished the week's trading on a relatively quiet note on cash markets, though futures are encountering a bumpy ride on account of disappointing export news from the United States and concerns about short term bulges in oilseed supplies around the world.
Chicago futures lost ground in overnight trading on follow through selling after yesterday's steep declines in soybean oil futures on the Chicago Board of Trade (CBOT).
May soybeans dropped 44 1/2 cents to U.S. $14.14 1/4 per bushel;, while May soybean oil sank 2 cents to 63.33 cents per pound. May corn fell 11 1/2 to finish the night at $5.55 3/4. May wheat dropped 22 cents to 11.03.
Weakness in Chicago was not mirrored in Paris, where there was enough end user demand to lift the May futures contract one Euro to 279 per metric ton (MT). The May feed wheat contract was unchanged in London, closing at GBP191.50 MT.
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