Chicago Agriculture Commodities Finished Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) Corn, Wheat and Soybean futures all fell sharply Wednesday, as the latest weather outlook appeared less threatening to crop development.
The most active Corn contract for December delivery fell 4.25 cents, or 1.22%, to 3.4425 bu.
September Wheat delivery fell 5 cents, or 1.2%, to 4.13 bu.
November Soybean fell 18.75 cents, or 1.82%, to 10.09 bu.
Corn hits its lowest in nearly 2 years, as more rain was added to the outlook for Key growing areas, which will help protect the crop from the scorching temperatures during the next few days.
Wheat futures also fell, with agriculture grain traders locking in profits from surprise gains during the overnight session.
Jason Ward, Northstar Commodity’s Director of Grains & Energy, said the news was light but Wheat prices were breaking down to a new contract low and putting some pressure on what was a higher Corn market.
“Weather forecasts lean neutral negative, which I can’t believe I’m writing when this much heat is in the forecast. But, with mostly adequate moisture a few days of extreme heat will keep damage limited. Believe it or not, we are building a new short in Corn,” Mr. Ward said.