Chicago Agriculture Commodities Finished Mixed
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) Corn extended losses Wednesday, while Wheat and Soybean rebounded slightly on technical buying.
The most active Corn contract for July delivery fell 3 cents, or 0.79%, to close at 3.7675 bu.
July Wheat delivery added 0.5 cents, or 0.11%, to close at 4.7125 bu.
July Soybean rose 4 cents, or 0.39%, to close at 10.34 bu.
US Corn decreased Wednesday on weaker weekly Ethanol production data, according to analysts.
The US Energy Information Administration (EIA) Wednesday said that in the week ending 29 April, US production of Corn-based Ethanol production was 923,000 BPD, lower than previous week’s 927,000 BPD, while the stocks were higher than prior week’s. Agriculture analysts noted that these figures have boosted expectations that less Corn will be consumed for Ethanol, giving pressure on Corn Wednesday.
However, Wheat and Soybean rebounded a little on technical buying after their sharp declines Tuesday.
CBOT floor brokers estimated that funds have bought 1,500 contracts of Wheat and 5,500 contracts of Soybean before mid-day, a Chicago-based agriculture consultancy, reported Monday in its daily commentary.