Chicago Agriculture Commodities Finished Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) Corn finished flat to little changed Thursday, Wheat declined a little more, Soybean closed sharply lower on technical selling.
The most active Corn contract for December delivery added 0.25 cents, or 0.07%, to 3.485 bu.
Sept Wheat delivery fell 3 cents, or 0.70%, to 4.255 bu.
Nov Soybean declined 48.5 cents, or 4.52%, to 10.2475 bu.
Agriculture analysts attributed Corn gains to the reduction of Brazilian Corn supplies as Conab, the national supply company cut it’s Corn prospects. Brazil Corn decreased by 3.99-M and 11.5-M tonnes respectively in the 1st and 2nd harvest for MY 2015/16 market year, Conab said Thursday in a news release.
According to Conab, the country’s total Corn production decreased to 69.14-M tonnes from 76.22-M.
But Corn failed to hold onto its rally later Thursday as weather forecast favored mild temperatures this weekend and rain in the next week in the US Midwest.
The favorable weather also sparked fund technical selling in Soybean, weighing on the price Thursday. CBOT floor brokers estimated that funds have sold 7,700 contracts of Soybean before Mid-day Thursday, a Chicago-based agriculture consultancy, said in its daily commentary.
Wheat declined more on ample Wheat stocks and the ongoing Winter Wheat harvest in the US southern Plains.
The US Department of Agriculture (USDA) pegged Winter wheat till week of 3 July at 58% in its weekly crop progress report Tuesday morning, sharply higher than the previous week’s 45% and 3% higher than previous 5-year average.
USDA said Thursday morning that private exporters reported export sales of 120,000 tonnes of Soybean for delivery to China during MY 2016/2017, and export sales of 137,160 tonnes of Corn for delivery to Mexico.