Chicago Agriculture Commodities Finished Mixed
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) Corn and wheat fell Thursday, pressured by abundant supplies, while Soybean prices rose slightly.
The most active Corn contract for December delivery was down 4 cents, or 1.19%, to 3.31 bu.
September Wheat delivery fell 7 cents, or 1.71%, to 4.0325 bu.
November Soybean was up 1.25 cents, or 0.13 percent, to 9.5675 bu.
The fresh Wheat supplies come online as federal commodities forecasters are protecting domestic inventories next season will top 1-B bu, and global Wheat stockpiles are expected to remain large despite crop shortfalls in Europe. Disappointing export sales also weighed on prices for the grain Thursday.
Corn prices dropped to a 23-month low, weighed down by largely favorable Midwest weather and lower Wheat prices. Federal projections that US farmers will harvest a record Born crop this year also pressured prices for Corn.
Soybean futures were mixed, with nearby futures closing unchanged from the prior session, while later-dated contracts ticked higher. Prices for the Oilseed traded higher for much of the day due to evidence of robust demand for US supplies.
But the market lost strength as the session wore on due to wetter forecasts for the Farm Belt and speculation that US growers will harvest a massive Soybean crop for the 4th year running.