CHICAGO, June 25 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural commodities closed sharply lower Monday, with soybean futures plunging over 20 cents, amid massive selling triggered by trade tensions.
The most active corn contract for July delivery fell 6.75 cents, or 1.89 percent to close at 3.505 U.S. dollars per bushel. September wheat delivery dropped 13.75 cents, or 2.73 percent to close at 4.905 dollars per bushel. November soybean delivery went down 20.75 cents, or 2.26 percent to close at 8.955 dollars per bushel.
The week kicked off with a bearish tone on soybean futures, as intensifying trade tensions between the United States and its major trade partners weighed on market sentiment.
Wheat futures also dropped over two percent as the U.S. winter harvest moves on and amid positive growing weather in Australia.
About 27 percent of the U.S. winter crop was harvested as of June 17, topping the prior five-year average of 19 percent for the week, according to the U.S. Department of Agriculture(USDA).
After the CBOT close, the USDA rated 77 percent of the U.S. corn crop in good to excellent condition, down from 78 percent the week before but still among the highest ratings for this time of year in USDA records dating back to the mid-1980s.
The USDA rated 73 percent of the soybean crop as good to excellent, unchanged from the prior week and the highest on record for this time of year.
