Chicago Agriculture Commodities Finished Mixed
$SOYB, $CORN, $WEAT
The most active Corn contract for December delivery stayed Unchanged at 3.285 bu.
December Wheat delivery fell 0.75 cents, or 0.19%, to 3.985 bu.
November Soybean rose 7.25 cents, or 0.76%, to 9.5975 bu.
Soybean prices rose for a 2nd straight session after the US Agriculture Department said 1.23-M tonnes of Soybean were inspected for export last week. That figure beat agriculture grain analyst expectations and indicated continued strong shipments of the crop ahead of what is expected to be a record US harvest.
Grain futures traded lower for much of the day, pressured by the prospect of massive Corn and Wheat supplies along with growing competition for exports.
Corn prices were mixed at the close of trade Tuesday, with just small gains marked for nearby futures as Midwest farmers begin collecting what is projected to be the biggest US crop in history.
Prices for the grain swung higher after hitting seven-year lows last week, but the onset of harvest and private estimates released on Friday for a large crop capped the market’s advance.
Wheat prices retreated as expectations mount that Russia, a major Wheat grower, will harvest a record crop this year and ship the largest amount of Wheat ever. That could dent demand for US Wheat supplies, which are projected to hit a 29-year high, especially since officials in Russia have canceled the country’s export tax on Wheat, agriculture analysts say.
Grain prices fell despite a sharply lower USD, which typically is friendly for Corn and Wheat markets.