Chicago Agriculture Commodities Finish Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) Corn, Wheat and Soybean all finished lower Wednesday as beneficial rains came back to US Midwest and Southern Plains.
The most active Corn contract for Dec delivery fell 9.75 cents, or 2.72%, to 3.4825 bu.
Sept Wheat delivery lost 5 cents, or 1.15%, to 4.285 bu.
Nov Soybean shed 4 cents, or 0.37%, to 10.7325 bu.
Rain ran across Key crop growing fields in US Midwest and Southern Plains overnight. Agriculture analysts noted that expectations of rain will benefit Corn silking and Soybean blooming prompted funds technical selling in Corn and Soybean Wednesday.
According to the Chicago-based agriculture consultancy CBOT floor brokers estimated that funds have sold 13,000 contracts of Corn, and 15,000 contracts of Soybean before Midday Wednesday.
The US Department of Agriculture released its weekly crop progress report late Tuesday, rating Corn silking till week of 3 July at 15%, higher than the previous week, also higher than previous 5-year average’s 13%.
USDA rated 75% of Corn was in good to excellent condition, unchanged from previous week, but higher than previous year’s 69%.
As for Wheat, USDA said 62% of US Winter Wheat was in good to excellent condition, comparing with 62% a week ago and 40% a year ago. Meanwhile, 72% of Spring Wheat was in good to excellent condition, again 72% a week ago and 70% a year ago.
USDA said that Soybean blooming was 22%, higher than previous week’s 9%, also higher than previous 5-year average’s 16%. For Soybean condition, USDA said that 70% is in good to excellent condition, lower than previous week’s 72%, but higher than previous year’s 63%.
Some analysts also noted that the USDA’s report extended addition pressure on Corn, Wheat and Soybean it showed stronger ratings for them.