Chicago Agriculture Commodities Finished Mixed
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished mixed Tuesday, with Wheat and Corn futures narrowly higher as traders covered short positions after prices for each crop fell to the lowest levels in more than a week.
The most active Corn contract for December delivery rose 1 cent, or 0.29%, to 3.4925 bu.
December Wheat delivery added 1.75 cents, or 0.43%, to 4.0425 bu.
November Soybean fell 1.25 cents, or 0.13%, to 9.9075 bu.
Wheat prices closed higher for the 1st time in 4 sessions, bolstered in part by an international tender by Egypt, the world’s largest Wheat buyer, which fueled optimism over world demand for the crop.
Prices for Wheat have fallen recently due to huge grain supplies in the US and overseas. At the same time, a stronger USD has limited US Wheat exports by making them more expensive for foreign importers.
Corn prices also ticked higher, shored up in part by rising Wheat prices. The a grains often trade in tandem and compete for space in animal-feed rations. Still, gains in the market were capped by big domestic Corn inventories and data showing the US harvest has caught up to normal pace after lagging earlier in the season.
According to the US Department of Agriculture (USDA), the nation’s Corn harvest is 61% complete, which is on par with the average pace of 62% for the past 5 years.
Soybean prices fell early in the session, declining in part due to pressure from a steep decline in Malaysian palm oil futures. But Soybean rallied after the USDA at mid-morning said China bought 516,000 tonnes of US Soybean.
Still, falling prices for Soyoil weighed on the Soybean market. Rising prices for the vegetable oil have recently helped prop up Soybean prices, but a 0.5% decline in Soyoil prices Tuesday allowed Soybean to leak lower too.