Chicago Agriculture Commodities Finished Lower
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.
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