Chicago Agriculture Commodities Finished Lower
$SOY, $WEAT, $CORN
Chicago Board of Trade (CBOT) agriculture commodities finished lower Monday, with Soybean futures diving, as investors turned to technical selling amid ongoing China-US trade friction.
The most active Corn contract for December delivery went down 6c, or 1.61% to close at 3.67 bu.
September Wheat delivery fell 7.25c, or 1.41% to close at 5.08 bu.
November Soybean delivery dropped 22.5c, or 2.52% to close at 8.72 bu.
Investors were worried about the impact of trade frictions between the world’s Top 2 economies after the United States began imposing a 25% additional tariff on Chinese products worth $34-B Friday.
Accordingly, China canceled purchases of US Soybeans for delivery in the MYs 2017-2018 and 2018-2019, the US Department of Agriculture (USDA) said in a report Friday.
Improved growing conditions in the US Midwest also weighed Soybean and Corn before weekly government crop ratings later Monday as well as monthly supply and demand forecasts Thursday.