Chicago Agriculture Commodities Dropped Sharply
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) grain and Soybean futures dropped sharply Tuesday as the USD rose and fallout continued from a recent US government report forecasting bigger-than-expected crops this year.
The most active Corn contract for December delivery fell 9.5 cents, or 2.8%, to 3.3 bu.
December Wheat delivery dropped 8.25 cents, or 2.02%, to 4.01 bu.
November Soybean ended down 20.25 cents, or 2.1%, to 9.44 bu.
A stronger Buck as well as lower Corn and Soybean markets pushed Wheat prices lower, erasing gainers posted in the prior session.
Soybean prices led the declines, sliding for a 2nd straight session after the US Department of Agriculture (USDA) Monday boosted its outlook for production above the level analysts had anticipated.
The USDA said growers will harvest a record 4.2 billion bushels of soybeans on yields of 50.6 bushels an acre, which beat the expectations of most agricultures analysts.
According to the US government, farmers will harvest a record 15.09-B bu of Corn on yields of 174.4 BPA (bushels an acre) this Fall. That compares to analyst forecasts for 14.97-B bu on yields of 172.9 BPA.
Corn and Soybean prices were pressured by federal data released Monday showing the nation’s crops remain in stellar health thanks to ample Midwest rainfall in September.
Wheat futures slumped along with weaker Corn and Soybean markets, with prices hobbled by a glut of global supplies.