Chicago Agriculture Commodities Finished Mixed
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) grains futures finished mixed Wednesday with Soybean futures falling to a 3-week low as forecasts for rain in dry areas of Argentina’s crop belt took out some of the weather premium built into the market.
The most active Corn contract for March delivery rose 1 cent, or 0.28%, to 3.62 bu.
March Wheat delivery added 0.5 cents, or 0.12%, to 4.8 bu.
January Soybean dropped 4.25 cents, or 0.41%, to 10.2375 bu.
Wheat and Corn futures closed firm, supported by a late round of short-covering by investors looking to unwind Bearish bets they had placed on the agriculture grains. Wheat futures have risen for 5 days running, Corn posted a 4-session winning streak.
The market moves were muted ahead of the conclusion of the Fed 2-day policy meeting that saw the FOMC raise interest rates for the 1st this year.
The Argentine rain outlook boosted crop prospects from the Key exporter. The United States already faces fierce competition for overseas deals from South America, with a huge crop expected in Brazil.
Brazil Wednesday forecast that the country will produce 101.7-M tonnes of Soybean in MY 2016/17, with 58-M tonnes of the crop expected to be exported.