Chicago Agriculture Commodities Finished Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) grains futures finished lower Tuesday, weighed down by signs that US crops are in Prime health as the Fall harvest nears.
The most active Corn contract for December delivery was down 5.25 cents, or 1.53%, to 3.3725 bu.
December Wheat delivery fell 7.75 cents, or 1.78%, to 4.2725 bu.
November Soybean fell 2.25 cents, or 0.22%, to 10.135 bu.
Corn prices fell for a 2nd consecutive session, pressured in part by federal data showing conditions for the nation’s grain crop improved last week, which added to optimism over the government’s recent forecast for a record harvest.
The US Department of Agriculture (USDA) earlier this month predicted US farmers would raise 15.2-B bu of Corn in Y 2016 after good weather blessed much of the Midwest during the growing season.
Soybean prices slipped, buffeted by unusually strong crop ratings, 72% of US Soybean were rated good to excellent as of Sunday, according to the USDA, and agriculture analysts say this would mark the 2nd highest rating for this time period in the past 30 years.
Grain analysts believe the USDA could revise upward its forecast for Soybean output this year thanks to good growing conditions and favorable August weather. Still, robust demand for Oilseed is preventing further declines in the market, they said.