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Agricultural Commodities Slide Ahead Of USDA Crops Report

Cotton futures leveled off on Thursday after rising in the previous four sessions. Other agricultural commodities remained under pressure due to concerns that Friday's USDA crop report will reveal significant stockpiles.

Earlier in the week, cotton buyers were snapping up US inventories of the pillowy plant at a rapid clip amid fears that India will ban exports. Expectations of greater demand from China have also lifted prices.

July cotton was down 1.3 cents to 93.80 cents per lb on the Chicago Board of trade.

The May wheat contract was down 18.2 cents at $6.124 a bushel, adding to a significant drop in the previous two sessions.

Soybean futures have been sliding all week after hitting a 6-month peak earlier in March. Soybeans for May delivery were down 12 cents to $13.55 a bushel.

Corn continued to fall amid speculation that farmers will be planting an outsized crop. May corn lost another 16.2 cents to $6.04 a bushel in Chicago.

by RTT Staff Writer

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