Chicago Agriculture Commodities Traded Higher
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture commodities traded higher on weather woes Wednesday with wheat futures gaining nearly 4%.
The most active Corn contract for May delivery rose 2.75c, or 0.73% to settle at 3.82 bu.
May Wheat delivery went up 18c, or 3.77% to close at 4.77 bu.
May Soybean were up 6c, or 0.57% to settle at 10.555 bu.
The Wheat prices rose to new highs since last July as agriculture grain traders were increasingly worried about the damage that dryness has brought to the crop growing in US plains.
The crop concerns in the US is really driving this market.
A latest US Department of Agriculture (USDA) report confirmed the damage from the dryness, with only 12% of Kansas’ Wheat crop being rated in “good” or “excellent” condition.
Weather forecasters said that US Wheat growing areas are poised for more dry weather.
The CBOT Soybean firme Wednesday as severe drought in Argentina is still threatening the crop down there, and it looks like there is no improvement in sight.