Chicago Agriculture Commodities Finished Mixed
$SOYB, $CORN, $WEAT
Chicago Board of Trade (CBOT) agriculture grains futures finished mixed Wednesday with Soybean futures falling to 1.5 weeks low on an improved South American crop weather outlook, while Corn edged higher on export demand.
The most active Corn contract for March delivery rose 3 cents, or 0.83%, to 3.6625 bu
March Wheat delivery fell 2.25 cents, or 0.53%, to 4.245 bu
March Soybean dropped 3.25 cents, or 0.31%, to 10.5525 bu
Argentina’s Soy belt is recovering from flooding this month. Conditions have been dry this week, but some forecasts called for rains to return in February. The country is the # 3 global Soy producer and the world’s top exporter of Soyoil and Soymeal.
CBOT Soyoil futures fell on news that the US Environmental Protection Agency (EPA) would delay 30 regulations, including implementation of Y 2017 bio-fuels requirements announced in November.
Soyoil is the primary US feedstock for bio-diesel fuel, and the delay heightened uncertainty about the prospects for the federal bio-fuels mandate.
Corn futures ended higher as traders exited long Soybean or short Corn spreads, and amid demand from exporters and producers of Ethanol fuel.
The US Energy Information Administration (EIA) reported weekly output of Corn-based Ethanol at 1.05-M BPD, down from the prior week’s record-high mark. Ethanol stockpiles rose.
CBOT floor brokers report that agriculture grain funds have sold 4,500 contracts of Soybean, and 2,000 contracts of Wheat, while securing 3,000 contracts of Corn.
In the outside markets, the USD is lower, and the DJIA are 161 pts higher at 20,073.