Chicago Agriculture Commodities Finished Lower
$CORN, $WEAR, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished lower Monday on profit-taking and expectations for more crop-friendly rainfall in Argentina.
The most active Corn contract for March delivery fell 3 cents, or 0.84%, to 3.5325 bu.
March Wheat delivery fell 4.25 cents, or 1.04%, to 4.05 bu.
January Soybean dropped 15.25 cents, or 0.41%, to 10.215 bu.
Soybean prices led the decliners, pushed down by the arrival of much-needed precipitation in Argentina as well as forecasts for more wet weather, which eased fears over crop shortfalls in that country.
Monday’s losses came despite evidence of ongoing demand for US Soybean supplies, with the US Department of Agriculture (USDA) reporting that private exporters had sold 264,000 tonnes of Soybean for delivery to China during MY 2016-17. The amount of Soybean loaded for export last week, 63.6-M bu, also fell toward the high end of expectations, agriculture analysts said.
Corn prices fell, as rains in Argentina were seen as a positive for the nation’s grain crop.
The USDA said private exporters had sold 128,000 tonnes of Corn for delivery to Japan during the 2016-17 season. Still, a robust USD is acting as a drag on the Corn market, as it makes US supplies more expensive for international importers.
Wheat prices faltered despite frigid temperatures in the US plains Sunday that likely damaged some crops. Forecasters said that ongoing cold temperatures next week were not likely to do further damage.