Chicago Agriculture Commodities Finished Mixed
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) Corn, Soybean extended their losses Tuesday, Wheat rebounded a little after the US Independence Day holiday long weekend.
The most active Corn contract for December delivery lost 9 cents, or 2.45%, to 3.58 bu.
September Wheat delivery added 3.25 cents, or 0.76%, to 4.335 bu.
November Soybean declined 60.25 cents, or 5.30%, to 10.7725 bu.
Heavy rain fell in the US Midwest during the 3-day US Independence Day holiday weekend, and the weather forecast favored more rains in the next 2 weeks.
Agriculture analysts noted that rain pushed Corn and Soybean lower as moisture will help the progress of Corn and Soybean, boosting expectations of more Corn and Soybean supplies this Fall.
However, the rains favored Wheat futures Tuesday as rains will delay the Winter Wheat harvest.
In addition, short covering after Wheat fell to a 10-year low on massive stocks and Winter Wheat harvest also helped Wheat’s recovery, according to analysts.