Chicago Agriculture Commodities Finished Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) Corn and Wheat fell sharply Tuesday, Soybeans also retreated after its 2-day gainer.
The most active Corn contract for July delivery declined 12 cents, or 3.06%, to close at 3.7975 bu.
July Wheat delivery declined 17 cents, or 3.49%, to close at 4.7075 bu.
July Soybean fell 13.75 cents, or 1.32%, to close at 10.30 bu.
The US Department of Agriculture (USDA) released its Weekly Progress Report after the market closed Monday.
According to the report, Corn planted in the United States till the week of 1 May in the selected 18 states was 45%, higher than previous week’s 30%, also higher than previous 5-yr average.
Corn emerged in the same week was rated at 13%, also higher than previous week and the previous 5-yr average.
Agriculture analysts noted that this official report has boosted expectations of more Corn supply, pushing Corn futures sharply lower Tuesday.
The report also showed signs that Winter Wheat is in good health.
According to the report, Winter Wheat headed in the country during the same frame was 42%, much higher than previous week’s 26%, also top the previous 5-yr average. The Winter Wheat condition was rated at 61% as Good or Excellent, rose 2% from prior week.
As for Soybean: the report rated Soybean planted at 8%, also higher than prior week and previous 5-yr average.
Profit taking also pressured Corn, Wheat and Soybeans Tuesday.
CBOT floor brokers estimated that funds have sold 20,300 contracts of Corn, 7,200 contracts of Wheat and 7,200 contracts of Soybeans, a Chicago-based agriculture consultancy, reported Tuesday in its mid-day commentary.
Additionally, the strong US Tuesday also weighed on US agriculture commodities as a stronger Buck made them more expensive, boosting hopes that export of the US products may be curbed.