Chicago Agriculture Commodities Finished Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished lower Thursday with Soybean posting the biggest single-day loss since last August.
The most active Corn contract for July delivery fell 5.5 cents, or 1.48%, to 3.66 bu.
July Wheat delivery was down 1.25 cents, or 0.29%, to close at 4.2575 bu.
July Soybean slumped by 31 cent, or 3.18%, to 9.4475 bu.
US Soybean futures fell sharply as Brazil’s currency lost nearly 7% to 3.35 as of 1530 GMT Thursday.
The plunge took place after the biggest newspaper in Brazil claimed that President Michel Temer was caught on tape authorizing bribes for a potential witness to remain silent in a graft probe. This report has led to a sudden political turmoil in the country.
Brazil has recorded this year its largest-ever Soybean harvest, estimated by the US Department of Agriculture (USDA) at 111.6-M tonnes. Brazilian farmers who had sold only about 50% of it by early May will probably hurry up now with large sales due to decline in their currency, thus putting heavy pressure on US Soybean.
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