Chicago Agriculture Commodities Finished Mixed
$CORN, $SOYB, $WEAT
Chicago Board of Trade (CBOT) grains futures finished mixed Thursday, with Corn futures falling 1.9%, pressured by the expanding harvest in the US Midwest as well as a forecast for a bumper crop in Brazil.
Soybean futures finished higher, overcoming Bearish supply trends on strong export demand and some technical buying.
US Wheat futures were weaker, easing on a profit-taking setback after rallying sharply Wednesday, but some MGEX Spring Wheat contracts gained slightly amid tight global supplies of high quality milling Wheat.
The most active Corn contract for December delivery fell 7.25 cents, or 2.08%, to 3.405 bu.
December Wheat delivery dropped 9.25 cents, or 2.28%, to 3.9575 bu.
November Soybean rose 1.75 cents, or 0.18%, to 9.585 bu.
The Bearish mood ahead of a US government report next week that’s expected to boost yield and production forecasts was deepened by the prospect of Brazilian farmers planting a big Corn crop, and an arm of the United Nations (UN) forecast a record global Wheat crop this year.
The Food and Agriculture Organization said in an update Thursday that Wheat and Rice output was headed for a record year, with overall cereal production expected to be up 1.5% from last year. The agency boosted its forecast for global Wheat production to 742.4-M tonnes, led by increases in the US, India and Russia, with the latter set to overtake the European Union as the grain’s largest exporter.
With the USD near a 2-month high ahead of Friday’s NFPs report, the outlook for US exports is toughening despite the rise in deals over the past 3 months, including Wheat and Soybean sales disclosed Thursday.
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