Chicago Agriculture Commodities Traded Down Friday
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture commodities traded lower Friday after Top Soybean buyer in China lowered its import estimates for MY 2018/19.
Soybean futures suffered double digit losses after China, the biggest importer of US Soybean, predicted a decline in imports for the 1st time in 15 years.
According to the official website of China’s Ministry of Agriculture and Rural Affairs, Soybean imports are expected to fall 0.3% in MY 2018/19 to about 95.65-M tonnes, while the planting hectares of Soybeans in China will be increased by 7.8%.
Meanwhile, rising US ending stocks of Corn and Wheat in MY 2017/18 continued to drag down their prices.
As of 1450 GMT Friday, July Corn was down 5.5c at 3.965 bu, while July Wheat was down 8.25c at 4.9825 bu, and July Soybean down 16.75c at 10.045 bu.
Have a terrific week