Chicago Agriculture Commodities Finished Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) grains futures eased Tuesday after a multi-day rally in agriculture grain markets as farmer selling overwhelmed optimism over export demand or short covering by investors.
The most active Corn contract for December delivery fell 0.25 cents, or 0.07%, to 3.5375 bu.
December Wheat delivery dropped 3.75 cents, or 0.88%, to 4.2 bu.
November Soybean fell 5.75 cents, or 0.59%, to 9.725 bu.
Soybean prices declined after trading to a nearly 1-month high earlier in the session, as farmer selling trumped evidence of strong demand for the Oilseed.
The US Department of Agriculture Tuesday said private exporters had booked 706,500 tonnes of Soybean for delivery to China during MY 2016/17, a large sale which supported the market for much of the day.
But prices turned lower late in the session as US farmers also were marketing their crops in order to take advantage of higher prices.
Domestic growers currently are harvesting what is projected to be a record crop this year, with farmer selling likely to cap rallies in the market, agriculture analysts said.
At the same time, short covering by investors, which had helped propped up the market in recent days tapered off.
Although the US Crn harvest is running slightly behind normal pace this year, favorable weather this week is expected to enable Midwest growers to make quick progress collecting what likely will be the nation’s largest Corn harvest ever.