Chicago Agriculture Commodities Finished Higher
$CORN, $WEAT, $SOYB
The most active Corn contract for December delivery dropped 3.25 cents, or 0.84%, to 3.8475 bu.
September Wheat delivery went down 6.5 cents, or 1.35% to 4.745 bu.
November Soybean slid 5.75 cents, or 0.57%, to 10.0725 bu.
CBOT brokers reported that funds have sold 7,000 contracts of Corn, 4,000 contracts of Soybean, and 3,200 contracts of Wheat.
Forecasts for beneficial weather for crop development prompted the massive selling.
High temperatures have already eased and expected rains across the US Midwest added pressure on futures prices, following persistent trend of below normal rainfall and above normal temperatures earlier this month.
In the latest crop progress report released after the market close, the US Department of Agriculture (USDA) said condition rating for the nation’s Corn crop declined again this week, but there is improvement in Soybean fields.
The report issued Monday afternoon showed 61% of Corn was good to excellent, down 1 percentage point from last week.
Soybean saw a 2 point improvement overall with 59% good to excellent, while Spring Wheat conditions continued to struggle with another 2 point drop in condition rating.
The latest crop ratings will give agriculture grain traders new leads for the coming session.