Chicago Agriculture Commodities Finished Lower
$WEAT, $CORN, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures settle lower Wednesday with Wheat futures falling more than 2% on forecasts for much-needed moisture in the southern Plains, agriculture analysts said.
Corn and Soybean futures also declined as traders adjusted positions ahead of Key crop data due on Thursday from the USDA.
The most active Corn contract for March delivery fell 1 cent, or 0.28%, to 3.5725 bu
March Wheat delivery dropped 8 cents, or 1.87%, to 4.1875 bu.
January Soybean fell 2.25 cents, or 0.22%, to 10.115 bu.
Wheat posted the biggest decline on a percentage basis, pressured by expectations that weekend storms would help recharge soil moisture in Oklahoma and Kansas, where dry conditions have stressed dormant hard red winter Wheat crops.
Precipitation totals over the next five days could reach 2 to 4 ins or more on the southern Plains, the US Department of Agriculture said in a daily weather bulletin.
Also Bearish, a substantial snow layer protected winter crops in Ukraine and Russia from severe frosts this past weekend, experts said Tuesday.
Corn and Soybeans followed Wheat lower, with investors stepping to the sidelines ahead of the release of several US government crop reports.
The USDA will release a series of reports Thursday including US quarterly grain stocks, US annual crop production, US winter Wheat seeding and its monthly World Agricultural Supply and Demand Estimates (WASDE).