Chicago Agriculture Commodities Finished Lower
$SOY, $WEAT, $CORN
Chicago Board of Trade (CBOT) agriculture commodities finished lower Wednesday, with Soybean and Corn futures dropping to contract lows, following the news that the US announced a list of tariffs on $200-B of Chinese goods Tuesday.
Agriculture grain investors were already 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 last Friday.
The most active Corn contract for December delivery went down 7.5c, or 2.08% to close at 3.5325 bu.
September Wheat delivery fell 20.25c, or 4.12% to close at 4.7175 bu.
November Soybean delivery dropped 23.25c, or 2.67% to close at 8.4825 bu.
Favorable crop weather in the US Midwest weighed on Corn, which also hit contract lows, on expectations for bumper harvests this season.
Wheat slumped for a 3rd day running, following Corn and Soybean lower and as stiff global competition dented demand for US shipments.
China canceled purchases of US Soybean for delivery in MY’s 2017-2018 and 2018-2019 the US Department of Agriculture (USDA) said in a latest report.