Chicago Agriculture Commodities Finished Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) Corn, Wheat and Soybean all settled lower Wednesday.
The most active Corn contract for Dec delivery fell 11.25 cents, or 2.85%, to settle at 3.83 bu.
Sept Wheat delivery declined 12.75 cents, or 2.79%, to settle at 4.445 bu.
Nov Soybean lost 7.75 cents, or 0.69%, to close at 11.125 bu.
New weather forecast showed rains will come into some Corn fields in Kansas and Missouri during the next 7 days, and agriculture analysts noted that rain forecast weighed on Corn and Soybean as it has eased the concerns about hotter and drier weather may dent the progress of those crops.
The US Energy Information Administration (EIA) said Wednesday that till the week 24 June, US production of Corn-based Ethanol production increased to was 1,003,000 BPD, higher than prior week’s 962,000. However, the stocks of Ethanol were bigger than previous week, which was rated by EIA at 21,167,000 bbl.
The US Department of Agriculture (USDA) is scheduled to release its annual acreage report and grain stock report Thursday, analysts noted Corn, Wheat and Soybean closed lower as the investors are awaiting the report for more clues.
Some analysts said that Soybean fell on expectations that USDA will estimate farmers have increased their Soybean seedings.
Technical selling before the USDA’s Thursday Key report also pressured Corn, Wheat and Soybean. According to a Chicago-based agriculture consultancy CBOT brokers estimated that funds have sold 12,000 contracts of Corn, 4200 contracts of Wheat and 3,600 contracts of Soybean before mid-day Wednesday.
In addition, some agriculture analysts attributed the declines of Wheat to ongoing Winter Wheat harvest in the US Midwest and Southern Plains.