Chicago Agriculture Commodities Finished Lower Friday
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished lower Friday, extending losses in agriculture markets following quiet trade ahead of the Christmas Holiday weekend.
The most active Corn contract for March delivery fell 1.5 cents, or 0.43%, to 3.4575 bu.
March Wheat delivery fell 3.5 cents, or 0.88%, to 3.935 bu.
January Soybean dropped 6.5 cents, or 0.65%, to 9.975 bu.
Soybean prices declined to a more than 5-week low, driven by forecasts for more crop-friendly rains in Argentina, which have helped alleviate fears that dry weather would dent production in that country.
Weather forecasts call for rains in northern Argentina and across most of Brazil, boosting South American growing conditions and spurring speculation that farmers there will see strong Soybean harvests, which could increase competition for US exports.
Prices for the oilseeds sank nearly 5% for the week, prompting traders to weigh whether the market is in for a prolonged slide that erases an earlier autumn rally.
Although demand for US Soybean supplies has been robust so far this season, foreign purchases are expected to drop off in the new year as freshly-harvested South American rations come online, potentially depressing the market further.
Corn prices drifted to a 3-week low after trading in a narrow range Friday. Losses in that market totaled nearly 3% on the week, as prices were weighed down by massive domestic and world supplies and a strong USD, which is unfriendly for US farm exports.
The USD notched a fresh 13-year high against a basket of international currencies earlier in the week.
Wheat futures eased on light trading volume, with prices for that grain dragged lower by lackluster demand and strong world harvests.
Farmers in Australia are harvesting a record Wheat crop, which will add to global grain supplies that already are the biggest the world has ever seen.
Meanwhile, a firm USD is making US Wheat less competitive on the world market.
Have a terrific week