Chicago agricultural commodities down on bearish ending stocks

Chicago agricultural commodity futures all traded lower Tuesday, as the ending stocks data pressured the trading on the day. The most active corn contract for March delivery edged down 2 cents, or 0.27 percent, to close at 7.28 dollars per bushel. March wheat fell 27.25 cents, or 3.21 percent, to settle at 8.215 dollars per bushel. January soybeans fell 2.75 cents, or 0.19 percent, to close at 14.72 dollars per bushel. According to Chicago Mercantile Exchange (CME), March corn traded marginally lower after a slightlybullish Supply and Demand report of the U.S. Department of Agriculture (USDA). U.S. ending stocks for corn are pegged at 647 million bushels, which was unchanged from last month and against trade estimates of 663 million. Furthermore, export shipments so far this season have reached just 217.1 million bushels, as compared with 438.1 million bushels last year, weighing on the corn market. March Chicago wheat ended the day sharply lower following Tuesday morning's USDA report that was considered bearish against trade expectations. U.S. all wheat carryout was increased to 754 million bushels, compared 704 million in November and against trade estimates of 712 million. World ending stocks for the 2012- 13 season came in at 176.95 million tons, as compared with 174.2 million tons last month. In soybeans market, January soybeans traded modestly lower on the day following a slightly supportive report. Market analysts say, the sharply lower trade in wheat weighed on the grain complex throughout the session. The USDA pegged U.S. soybean ending stocks at 130 million bushels, compared at 140 million in November and against trade expectations of 130 million.