Chicago Agriculture Commodities Finished Mixed
$SOYB, $CORN, $WEAT
Wheat futures fell nearly 3% and Corn futures more than 1%, weighed down by spread trading tied to abundant global grain supplies and a firm USD that made US commodities more expensive in international markets.
The most active Corn contract for December delivery fell 4.25 cents, or 1.21%, to 3.4825 bu.
December Wheat delivery dropped 12 cents, or 2.9%, to 4.025 bu.
November Soybean added 9 cents, or 0.92%, to 9.92 bu.
Malaysian palm oil closed up 3% at the highest levels in more than 2 years as Asian Vegoil supplies declined.
Higher US Soybean prices came despite a record-large Soybean harvest that analysts predicted at 77% complete and as grain prices fell sharply.
It is a Soybean Oil day, still. We had Soybean spreading Vs grains. There is not that much Bullish news in the grains.
Wheat futures for December delivery fell sharply on pace for its largest daily losses in 2 months. Some traders were selling the front-month contract and buying deferred contracts.
The US Department of Agriculture (USDA) said 2.7-M tonnes of Soybean were inspected for export in the week ended 20 October compared with 541,527 tonnes of Corn and 244,331 tonnes of Wheat. The soybean shipments were above the high end of agriculture analysts’ expectations.
Demand for US Wheat was limited. Wheat prices in Russia gained for the 6th week running, prompted by recent purchases of Russian Wheat by top importer Egypt.