Chicago Agriculture Commodities Finished Lower
$WEAT, $CORN, $SOYB
Chicago Board of Trade (CBOT) grains futures finished lower Wednesday, pressured by favorable Midwest weather and ongoing expectations that US farmers will harvest bumper Corn, Wheat and Soybean crops this year.
The most active Corn contract for December delivery was down 1c, or 0.3%, to 3.3625 bu.
December Wheat delivery fell 1.25 cents, or 0.29%, to 4.2625 bu.
November Soybean fell 8.25 cents, or 0.81%, to 10.0525 bu.
Soybeans led the way South, buffeted by data from an annual Midwest crop tour suggesting large crop yields, which echoes forecasts from the US Department of Agriculture (USDA) for a record US harvest.
Recent rainfall in the Farm Belt weighed on the Soybean market, with plentiful moisture seen as friendly to crops during August, the most critical month for determining yields. Although there is strong foreign demand for US Oilseed supplies, agriculture analysts said the coming US crop may well be able to meet that demand.
Corn and Wheat prices declined, weighed down in part by a stronger USD, which effectively makes domestic agriculture products like grain more expensive for overseas buyers. The USD was up 0.21%, or 94.97 Wednesday.
Corn’s losses were more modest, as the agriculture tour results looked mixed.
Corn in southwestern Iowa showed above average yield potential but lagged behind the US government’s record projection for the country’s top Corn producing state, scouts found Wednesday.
Central Illinois cornfields also looked impressive, but may yield less than the record-large hauls of the past few years.
Losses in the Corn market were capped by ongoing evidence of export demand. The USDA Wednesday said private exporters booked sales of 101,600 tonnes of Corn for delivery to unknown destinations during MY 2016-17 which begins on 1 September.