Chicago Agriculture Commodities Finished Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) grains futures finished lower Wednesday, declining on the prospect of record harvests in the Farm Belt and expanded crop stockpiles.
The most active Corn contract for December delivery was down 0.25 cents, or 0.08%, to 3.155 bu.
December Wheat delivery fell 4 cents, or 1.02%, to 3.8825 bu.
November Soybean fell 7.75 cents, or 0.82%, to 9.43 bu.
Soybean prices fell to the lowest level in more than 4 months, sliding as expectations grow that average US Soybean yields could come in higher than the US Department of Agriculture’s latest estimate due to favorable weather toward the end of the growing season.
Some private forecasters are now calling for an average yield over 50 BPA (bushels per acre), agriculture analysts said, which tops the government’s projection earlier this month. The USDA already is anticipating farmers will collect a record Soybean crop this year, and higher yields could result in an even bigger harvest.
Corn prices declined to a fresh 7-year low, buffeted by expectations that US farmers will harvest a history setting crop this year. Prices for the grain have so far dropped 16% this year and some market watchers believe they could fall to as low as 2.50 bu, agriculture grain traders said.
Wheat posted the biggest percentage decliner as the market struggled to find support after prices fell to 10-year lows.Additional pressure stemmed from news that Egypt, the world’s biggest Wheat importer, canceled its latest Wheat purchase tender after receiving just 1 offer.
Wheat futures fell despite the US Department of Agriculture’s (USDA) confirmation that private exporters in the last day sold 138,000 tonnes of US hard Red Winter Wheat to unknown destinations.