Chicago Agriculture Commodities Finish Down
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) grains futures finished down sharply Thursday with Corn, Wheat and Soybean futures dropping more than 3%, after the US Department of Agriculture (USDA) crop forecast turns out to be well above average trade estimates.
The most active Corn contract for December delivery dropped 15.25 cents, or 3.95%, to 3.71 bu.
September Wheat delivery went down 19 cents, or 4.13% to 4.405 bu.
November Soybean delivery fell 33 cents, or 3.39% to 9.4025 bu.
For Soybean, the USDA pegged the Y 2017 production at 4.38-B bu Vs. the USDA’s July estimate of 4.26-B and the average trade estimate of 4.212-B.
The USDA estimated US production of Spring Wheat other than durum at 402-M bu, down from 423-M in July but well above the average trade estimate of 393-M.
The report’s yields are very high and imply much better crops than what we saw last weekend in central Illinois.