Chicago Agriculture Commodities Finish Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) Corn, Wheat and Soybean futures all retreated and finished lower Thursday, pressured by ample existing supplies and largely favorable growing conditions that will likely lead to huge harvests this fall, agriculture analysts said.
The most active Corn contract for December delivery shed 4.25 cents, or 1.24%, to 3.3875 bu.
September Wheat delivery was lower of 4.5 cents, or 1.08%, to 4.1025 bu.
November Soybean declined 8 cents, or 0.81%, to 9.78 bu.
Corn futures led the declines, with technical selling weighing further after prices failed to rise above their 10-Day MA.
US Department of Agriculture (USDA) weekly US export sales for the current marketing season of a negative 1,400 tonnes of Soybean were below expectations for sales of 250,000 to 450,000 tonnes. Export sales of 438,800 tonnes of Corn were within the range of estimates.
Plentiful rain this Summer has been developing Corn and Soy crops in good shape, boosting yield potential. The Commodity Weather Group in a note to clients said showers expected during the next 15 days should aid much of the US crops.