Chicago Agriculture Commodities Finished Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture commodities fell Monday on mostly favorable weather forecasts in the US Midwest, driving expectations for bumper crop harvest this Fall.
The most active Corn contract for December delivery shed 8.5 cents, or 2.48%, to 3.3425 bu.
September Wheat delivery was lower of 1.75 cents, or 0.43%, to 4.06 bu.
November Soybean plunged 41.5 cents, or 4.14%, to 9.615 bu.
Following days of hot weather across the US farm belt this week, cooler weather are forecast to bring relief in the following 6 to 10 days. Meanwhile, scattered showers will also water crops over the next couple of weeks, aiding Soybean in their most critical month for development.
Soybean futures dropped, erasing gains in the prior session.
Corn prices fell to a 22-month low, pressured by expectations that farmers will produce a record crop this year due to benevolent weather.
A record US Corn crop would heap grain upon already abundant domestic and global supplies, agriculture analysts said.
Wheat prices slid to a fresh 10-year low on ample world supplies. Though rain-reduced crops in France, a major Wheat producer, had recently helped buoy the market, prices have declined for the past 5 sessions as large crops elsewhere promise to make up for shortfalls in Europe.