CBOT crop futures edge lower

CHICAGO, March 19 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures settled slightly lower on Tuesday as selling prevailed over uncertain outlook for export sales.

The most active corn contract for May delivery was down 0.25 cent, or 0.07 percent to close at 3.7125 U.S. dollars per bushel. May wheat was down 0.25 cent, or 0.05 percent, to settle at 4.565 dollars per bushel. May soybeans were down 1.75 cents, or 0.19 percent, to close at 9.04 dollars per bushel.

CBOT brokers estimated that funds sold 4,700 contracts of corn, 2,900 contracts of wheat and 3,100 contracts of soybeans.

Bargain buying and short covering supported CBOT wheat in the morning, but the wheat futures gave up earlier gains toward the end of the session.

The U.S. Department of Agriculture released on Monday its latest export inspections report, an obviously bearish one. For the week ending on March 14, export inspections for corn, wheat and soybeans declined week on week, with wheat falling 42 percent.

Heavy rain and rapidly melting snow have led to flooding that hit most areas in the U.S. states of Nebraska and Iowa. However, CBOT futures have not reacted to concerns over possible damages to grains and soybeans in storage there. Enditem