Chicago Agriculture Commodities Finished Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) grains futures finished lower Wednesday on expectations that drier weather in the coming days will allow farmers in the Midwest to ramp up the harvest of what is expected to be record-large crops.
The most active Corn contract for December delivery fell 2.5 cents, or 0.75%, to 3.2925 bu.
December Wheat delivery dropped 0.75 cents, or 0.19%, to 4.0325 bu.
November Soybean fell 7 cents, or 0.73%, to 9.455 bu.
The agriculture grains market was lower, trumped with big production ideas creating some selling interest Vs. the big demand, especially in Corn, providing the buying interest.
Volumes have not been all that super, at least in this office. Grain traders are looking ahead to the reports Friday and not to do too much in here
US Corn and Soybean harvests have been advancing slightly slower than average, US Department of Agriculture (USDA) data showed Monday. But fields are expected to dry out in the coming days in the Midwest grain belts.
“Weather forecasts in the huge Midwest grain and soybean belts are looking drier, which is what is needed at this stage of the year when the combine harvesters are rolling,” said an agrifood economist at ABN AMRO Bank.