Chicago Agriculture Commodities Finished Mixed
$CORN, $WEAT, $SOYB
Chicago agriculture commodities finished mixed Monday with Wheat gaining more than 1% on short-covering.
The most active Corn contract for December delivery fell 0.25 cent, or 0.07%, to 3.48 bu.
December Wheat delivery rose 5 cents, or 1.17%, to 4.3075 bu.
January Soybean went up 7.25 cents, or 0.73 percent to 9.94 bu.
CBOT floor brokers reported that funds bought 3,400 contracts of Corn, 2,900 contracts of Wheat and 3,200 contracts of Soybean.
The US Agriculture Department (USDA) is to release its monthly crop supply and demand report Thursday. According to traders’ common expectation, USDA will probably cut US Soybean crop estimate while lifting the Corn crop. This pushed up the Soybean prices while pushing down the Corn futures.
Agriculture analysts said short-covering played a major role in the sharp rally of CBOT Wheat Monday.
News that Iraq bought 300,000 tonnes of hard-red winter Wheat last week also boosted the rise of Wheat futures.