Chicago Agriculture Commodities Finished Higher
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished higher Wednesday as traders turn to short-covering after last day’ s overdone sell-off.
Traders noted Wheat contracts posting the gains as results from a crop tour confirmed that drought in the northern Plains severely crimped harvest potential in that Key growing region.
Bargain buying lent support to Soybean futures too following a sharp sell-off Tuesday.
Corn closed firmer after earlier falling to July lows.
The most active Corn contract for December delivery rose 3.75 cents, or 0.98%, to 3.86 bu.
September Wheat delivery added 3.75 cents, or 0.79% to 4.7775 bu.
November Soybean went up 7.5 cents, or 0.76%, to 10.0025 bu.
Looking out longer term, grain prices could get cheaper if these forecasts roll true with no extreme heat in sight.
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