Chicago Agriculture Commodities Finished Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture commodities declined Tuesday on better-than-expected crop conditions and mounting expectations that US farmers will again reap bumper crops this year.
The most active Corn contract for December delivery declined 0.25 cents, or 0.07%, to 3.34 bu.
September Wheat delivery was lower of 4.75 cents, or 1.17%, to 4.0125 bu.
November Soybean was down 8.5 cents, or 0.88%, to 9.53 bu.
Prospects for robust US Corn and Soybean crops set the tone for the session
Monday, commodity brokerage INTL FCStone projected US Y 2016 Corn production at 15.146-B bu and Soybean production at 4.054-B bu. Both figures would be all-time highs, as realized.
Soybean futures led the declines, weighed down by improving US crop conditions and speculation that government forecasters in a Key supply-and-demand report next week will boost yield estimates, potentially foreshadowing a massive harvest to come in the Fall.
Also Monday, the US Department of Agriculture (USDA) raised its weekly Soybean crop condition ratings and left its Corn ratings unchanged, against market expectation for a decline.
Wheat prices sank to a fresh 10-year low, buffeted by abundant global supplies of the grain and the ongoing US harvest.
Growers in the southern Great Plains are nearly finished collecting a large Winter Wheat crop, which will pile onto huge domestic and world inventories, according to agriculture analysts.