Chicago Agriculture Commodities Finished Mixed
$SOYB, $CORN, $WEAT
Chicago Board of Trade (CBOT) agriculture grains futures settle mixed Wednesday with Soybean futures rising as the market rebounded from its lowest marks in nearly a month on lingering concerns about risks from unfavorable crop weather in South America.
The most active Corn contract for March delivery fell 3 cents, or 0.86%, to 3.4725 bu.
March Wheat delivery fell 3.75 cents, or 0.93%, to 3.995 bu.
January Soybean added 1.25 cents, or 0.12%, to 10.17 bu.
Corn prices declined to a 2-week low as traders eyed strong crops in Brazil, a main rival for US Corn production and export. Growing conditions in that country have been good, analysts say, while recent rains in Argentina also have been beneficial for that crop.
Wheat prices dropped below the psych support at 4.00 bu mark, buffeted by concerns over demand for US supplies and warming US weather.
Egypt, the world’s largest Wheat buyer, recently purchased grain from Russia, Argentina and Romania, underscoring the relative competitiveness of exports from those regions.
Prices for Wheat eased further as weather forecasts called for temperatures to climb in the US Midwest where soft-red Wheat is grown, that following a cold snap that endangered crops across the nation’s Wheat belt.
Soybean prices moved higher after sliding to a 1-month low Tuesday, boosted by export demand and technical buying.
The U S Department of Agriculture said private exporters had booked sales of 132,000 tonnes of Soybean for delivery to China during MY 2016-17 offering ongoing signs of international demand for the US crop at a time when buyers typically turn to South America for supplies.