Chicago Agriculture Commodities Finished Lower Monday
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) Corn, Wheat and Soybean finished lower Monday before the US Department of Agriculture’s monthly World Agricultural Supply and Demand Estimates Report and crop progress report.
The most active Corn contract for December delivery was lower of 7 cents, or 1.93%, to 3.555 bu.
September Wheat delivery fell 4.50 cents, or 1.03%, to 4.305 bu.
November Soybean lost 2.75 cents, or 0.26%, to 10.55 bu.
Agriculture analysts noted that technical selling in Corn and Soybean after their sharply gains Friday weighed on Corn and Soybean.
The weather forecast favored rain in the US Midwest later this week also prompted funds’ technical selling in Corn and Soybean Monday.
Corn futures finished lower as rain and moderate weather this week should have most of the crop moving unharmed through pollination, the Farm Futures Daily reported in its daily commentary.
Wheat followed Corn and Soybean lower Monday, meanwhile, the ample Wheat stocks and ongoing US Winter Wheat harvest also put pressure on Wheat.
In its weekly export inspection report, the US Department of Agriculture (USDA) announced Monday Corn export inspections at 1,357,903 tonnes in the week of 7 July, lower from prior week.
USDA rated Wheat export inspections at 375,279 tonnes, also lower than prior week.
USDA pegged soybean export inspections at 374,016 tonnes, sharply higher than prior week’s 192,870 tonnes.
USDA is scheduled to release its monthly World Agricultural Supply and Demand Estimates Report Tuesday and its weekly crop progress report after the market closed Monday, traders are waiting for the reports for more clues for their investment.