Chicago Grain Futuers: Corn, Wheat Down, Soybean Up
Wednesday, the most active Corn contract for Jul delivery fell 6.25 cents, or 1.23%, to settle at 5.035 bu.
Jul Wheat lost 14.5 cents, or 2.04%, to settle at 6.9525 bu.
Jul Soybean rose 21.25 cents, or 1.43%, to close at 15.0875 bu.
Soybean futures rallied for the 3rd day running to reach a 9-month high. Statistics show, Soybean posted their highest close since July 2013, driven by Tuesday’s Bullish crush numbers and better-than-expected Q-1 growth data of China.
July Corn closed lower with a possibility of producer selling at prices near their highest levels in 7 months, Wheat gave back much of Tuesday’s gainer with chances for light rain in the 5-day forecast for southwestern US plains.
Traders said Wheat gave up over 2% on expectations for a turn to better weather in the Plains following a cold, dry Winter. Warming temperatures will lower the possibility of Winter kill facing the soft Wheat crop in the Midwest and the hard Wheat in the Plains states.
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