Chicago Agriculture Commodities Finished Mixed
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished mixed Tuesday with Soybean futures falling to a 6-week low on improving South American crop prospects.
The most active Corn contract for March delivery rose 3.75 cents, or 1.07%, to 3.5575 bu.
March Wheat delivery fell 1.5 cents, or 0.37%, to 4.065 bu.
January Soybean dropped 9 cents, or 0.9%, to 9.95 bu.
Soybean declined for a 4th straight session as agriculture analysts grew more confident of crop prospects in South America and particularly Brazil, projected as the world’s #2 Soybean producer after the United States.
CBOT Corn firmed on technical buying and expectations that commodity index funds will buy corn as they make annual adjustments to their portfolios for Y 2017.
Wheat turned lower in technical moves, retreating from early advances. But worries about dry conditions in Kansas and Oklahoma, the top US Winter Wheat states, underpinned values.
The USDA release monthly crop reports for a few Plains states late Tuesday.
Watch the South American crop weather and outside money flow to get a handle on agriculture grain market direction.
Some areas of South America remain dry, while other areas are experiencing flooding.