Chicago Agriculture Commodities Finished Mixed
$WEAT, $CORN, $SOYB
Chicago Board of Trade (CBOT) grains futures finished mixed Wednesday, Wheat and Corn futures up slightly, and Soybean prices down.
The most active Corn contract for December delivery added 1.75 cents, or 0.53%, to 3.3175 bu.
December Wheat delivery rose 2 cents, or 0.5%, to 4.03 bu.
November soybeans edged down 1.25 cents, or 0.13%, to 9.4275 bu.
Corn prices rose after dropping sharply Tuesday, buoyed by rainfall in the US Midwest which has prevented some farmers from getting into fields to harvest the grain.
Wet weather also is expected to douse the Farm Belt next week, with forecasts for regular showers sparking concerns that above-normal precipitation will stall the progress of the nation’s combines.
Wheat prices also advanced after falling Tuesday, bolstered by a weaker USD and Short-covering by investors. Prices for the grain tapped at 10-year lows in August, prompting some investors to cast off bets on falling prices amid speculation the market has fallen far enough.
Uncertainty about Argentina’s plans for Soybean exports limited the decline in bean futures.
Argentina’s government is mulling postponing a tax cut planned for next year on Soybean exports, cabinet chief Marcos Pena said Tuesday, as a recession in Latin America’s 3rd largest economy eats into fiscal revenue.
Markets slumped earlier this week after the US Department of Agriculture (USDA) increased its estimate of a record-large US Soybean yield by more than expected. The USDA also forecast a record-large US Corn crop this year.