Chicago Agriculture Commodities Finished Higher
Chicago Board of Trade (CBOT) agriculture commodities traded higher Tuesday, with Wheat futures rising more than 3% after the US Department of Agriculture (USDA) cut its estimate for production in top exporter Russia.
Corn futures rose more than 2%, while Soybean marked modest gains in the wake of the monthly USDA supply and demand report at midday. The agency also lowered its forecasts for US Corn and Soy ending stocks for MY 2018/19 that begins on 1 September.
The most active Corn contract for July delivery rose 10.25c, or 2.79% to close at 3.775 bu.
July Wheat delivery added 20c, or 3.89% to close at 5.345 bu.
July Soybean delivery went up 0.25c, or 0.03% to close at 9.54 bu.
In the meantime, USDA lowered its rating for the US crops, likely due to excessive rainfall in some parts of the Midwest.
The US Corn crop was rated 77% good or excellent as of Sunday, down from 78% a week earlier, according to the US Department of Agriculture (USDA). About 94% of the crop emerged.
About 74% of Soybean earned top ratings, also down 1% from the prior week. About 83% of US Soybean had emerged as of Sunday, the USDA said.
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