Chicago Agriculture Commodities Finished Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) grains futures fell Thursday, retreating from early advances as gains in the USD and profit-taking by traders.
The most active Corn contract for December delivery fell 6.5 cents, or 1.82%, to 3.51 bu.
December Wheat delivery dropped 3.25 cents, or 0.77%, to 4.17 bu.
November Soybean fell 6 cents, or 0.61%, to 9.755 bu.
The Euro fell and the Buck rose to its highest in 7 months Vs a basket of major currencies after the European Central Bank President left the door open to more monetary stimulus at its policy meeting.
A stronger USD tends to make US goods less attractive to those holding other currencies.
Corn prices led the decliners, marching lower despite evidence of solid foreign demand for the grain. The US Department of Agriculture (USDA) Thursday said net Corn sales for the week ended 13 October totaled 1.02-M tonnes, which surpassed analysts’ expectations for 650,000 to 1-M tonnes.
Favorable weather this week is enabling farmers to make steady progress in fields, weighing on prices as traders anticipate a flood of Corn from what is projected to be a record harvest this year. The coming weekend and next week will also likely see a brisk harvest pace in the Midwest, agriculture analysts said.
Soybean prices also eased after hitting a 1-month high, brushing off better-than-expected export sales of the crop. The USDA said net Soybean sales last week surpassed 2-M tonnes.
Analysts had expected just 750,000 to 1.4-M tonnes. But the prospect of a record US crop soon available to fill the nation’s pipelines overwhelmed the brisk pace of foreign demand.
Lower prices for Soybean-based products like Soymeal and Soyoil also weighed on the market.
Wheat fell, following the trend. Toward the closing bell, Egypt, the world’s biggest Wheat importer, said its main state grain buyer bought 120,000 tonnes of Russian Wheat in a tender.