Chicago Agriculture Commodities Finished Lower
$WEAT, $CORN, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished lower Thursday with the Wheat posting the biggest percentage loss since February.
The most active Corn contract for July delivery fell 4 cents, or 1.09%, to settle at 3.6425 bu.
July Wheat delivery dropped 12.75 cents, or 2.93% to 4.2175 bu.
July Soybean was down 3.75 cents, or 0.39%, to 9.5675 bu.
Although Wheat and Corn export sales for the week ending 13 April were within trade expectations, respectively 15.2 and 29.8-M bu, according to the US Department of Agriculture (USDA), the Wheat futures suffered a almost 3% decline, as a result of plentiful stockpiles both in the US and the world.
Corn futures were also pressured by the down-turn of Wheat and closed with losses for the 4th session running
As Brazilian farmers are not increasing Soybean sales on the CBOT decline, US Soybean futures are now in a position to compete with Brazilian offers for July and August, agriculture analysts said.
Note: a strong USD would make US products relatively more expensive on the export markets.
Have a terrific weekend.
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