Chicago Agriculture Commodities Finished Higher
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished higher Tuesday on bargain-buying and short-covering after last week’s declines.
The most active Corn contract for March delivery rose 9.25 cents, or 2.68%, to 3.55 bu.
March Wheat delivery added 16 cents, or 4.07%, to 4.095 bu.
January Soybean rose 26.75 cents, or 2.68%, to 10.2425 bu.
Contracts climbed as traders exited earlier bets that prices would fall, and speculated that Friday’s declines spelled an attractive entry mark, though the markets overall were lightly traded in the 1st full session of the week.
Grain futures drew some support from weather forecasts that showed warmer and drier weather ahead for Northern Brazil, a Key crop-producing region, at a time when Soybean plants are maturing and could be susceptible to low moisture.
A heat wave at the wrong time could pare Brazilian Soybean production and further tighten global supplies for the oilseeds, forcing vegetable oil makers and animal feed millers to pay higher prices for Soybean meal, or leading them to purchase grain-based alternatives.
Strong weekly export inspections data lent support.
The US Department of Agriculture said 1.7-M tonnes of US Soybeans were inspected for export in the latest week, toward the high end of trade expectations.