Chicago Agriculture Commodities Finished Lower
$SOY, $WEAT, $CORN
Chicago Board of Trade (CBOT) agriculture commodities finished lower Tuesday, with soybean futures falling for the 2nd straight session, mostly on US-China trade frictions, improved weather conditions in the US Midwest.
The most active Corn contract for December delivery went down 6.25c, or 1.7R to close at 3.60 bu.
September Wheat delivery fell 16c, or 3.15% to close at 4.92 bu.
November Soybean delivery was 0.5c lower, or 0.06% to close at 8.715 bu.
Investors are 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 MYs 2017-2018 and 2018-2019, the US Department of Agriculture (USDA) said in a report Friday.
CBOT Corn futures fell to contract lows on forecasts for crop-boosting rain and milder temperatures in the heart of the US Corn belt.
Wheat futures tumbled more than 3% on dull export demand and improving Spring Wheat crop conditions.
The US Department of Agriculture’s weekly crop progress report released on Monday showed that 75% of the US Corn crop is rated good or excellent, 71% of the US Soybean is rated good or excellent with 80% of the US Spring wheat is rated good or excellent.