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U.S. grain futures mostly lower ahead of Easter holiday

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Investing.com -

Investing.com - U.S. grain futures were mostly lower on Thursday, as investors readjusted positions ahead of the Easter holiday amid indications of ample global supplies.

Most U.S. and European markets will be closed on Friday as the Easter holiday begins.

On the Chicago Mercantile Exchange, US corn for May delivery shed 0.72 cents, or 0.19%, to trade at $3.8088 a bushel during U.S. morning hours.

A day earlier, US corn for May delivery tumbled to $3.7400, the lowest level since March 20, before closing at $3.8160, up 5.4 cents, or 1.46%.

The USDA said on Tuesday that U.S. corn inventories on March 1 totaled 7.745 billion bushels, 11% higher than last year.

The agency also projected U.S. farmers would plant 89.199 million acres with corn in 2015, surpassing forecasts for 88.735 million but down from 90.597 million in 2014.

Elsewhere on the Chicago Board of Trade, US soybeans for May delivery declined 4.37 cents, or 0.44%, to trade at $9.8463 a bushel.

On Wednesday, US soybeans for May delivery rallied to $9.9160, the most since March 13, before ending at $9.8960, up 16.4 cents, or 1.7%.

The USDA said that domestic soybean stocks at the start of March totaled 1.334 billion bushels, 34% higher than last year but less than the 1.345 billion bushels analysts predicted.

According to the agency, growers in the U.S. will sow 84.635 million acres of soybeans this year, below expectations for 85.9 million but up 1.1% from a year earlier.

Meanwhile, US wheat for May delivery inched up 0.4 cents, or 0.08%, to trade at $5.2800 a bushel. Wheat surged 16.6 cents, or 3.27%, on Wednesday to settle at $5.2840.

The USDA forecast domestic reserves on March 1 at 1.124 billion bushels, above expectations for 1.143 billion. Last year, wheat stocks stood at 1.057 billion.

The agency predicted 55.367 million acres will be seeded with wheat, down from 56.82 million last year. Analysts had forecast plantings of 55.61 million acres.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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