Chicago crop futures retreat from weekly gains

CHICAGO, March 18 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures settled lower on Monday, with wheat falling significantly from 5 percent gains last week.

All the most active crop futures had posted 1.5 percent to 5 percent gains in the previous week, and some corrections amid profit taking led to Monday's fall, said market analysts.

The most active corn contract for May delivery was down 1.75 cents, or 0.47 percent to close at 3.715 U.S. dollars per bushel. May wheat was down 5.5 cents, or 1.19 percent, to settle at 4.5675 dollars per bushel. May soybeans were down 3.5 cents, or 0.38 percent, to close at 9.0575 dollars per bushel.

CBOT brokers estimated that funds sold 3,600 contracts of corn, 2,200 contracts of wheat and 2,900 contracts of soybeans.

The U.S. Department of Agriculture released on Monday its latest export inspections report. For the week ending on March 14, 795,241 metric tons of corn, 841,888 metric tons of soybeans, and 353,727 metric tons of wheat were inspected. All declined week on week, with wheat falling the most, 42 percent.

Heavy rain and rapidly melting snow have led to flooding that hit most areas in the U.S. states of Iowa and Nebraska. However, possible damages to crops and disruption of field operations there failed to push up CBOT futures.