Chicago Agriculture Commodities Finished Higher
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) Corn and Wheat all closed higher Monday, with Soybean futures climbing to a 1-week high on strong export demand and drier-than-expected Midwest weather at the weekend.
The most active Corn contract for December delivery was up 0.5 cents, or 0.15%, to 3.3475 bu.
September Wheat delivery rose 1 cents, or 0.24%, to 4.17 bu.
November Soybean was up 10.5 cents, or 1.08%, to 9.85 bu.
Some CBOT traders were squaring their positions in grain markets ahead of a monthly US Department of Agriculture (USDA) crop report due Friday. The government is broadly expected to increase its US Corn and Soybean production forecasts.
Robust export demand supported Corn and Soybean prices as the USDA Monday announced large sales of both commodities via its daily reporting system.
Monday’s 246,000-tonne Soybean sale to China was the 9th daily sales announcement in 9 trading days.
Mostly favorable crop weather in the US Midwest has kept a cap on prices as Corn and Soybean crop ratings remained near historic highs.
Analysts, on average, expect the USDA to slightly lower its Corn condition rating in a report late Monday while keeping its Soybean crop condition rating unchanged.