Chicago Agriculture Commodities Finished Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) grains futures finished lower Tuesday, on expectations for big crops and rising grain supplies.
The most active Corn contract for December delivery was down 5 cents, or 1.56%, to 3.1575 bu.
December Wheat delivery fell 4.75 cents, or 1.2%, to 3.9225 bu.
November Soybean fell 13.5 cents, or 1.4%, to 9.5075 bu.
Soybean led the way South as improving US crop ratings fueled expectations for a bumper harvest. The US Department of Agriculture (USDA) late Monday rated 73% of the US Soybean crop as good to excellent, up from 72% the prior week and the highest for this time of year in USDA records dating to Y 1986.
US Corn ratings are strong as well, with the USDA rating 75% of the crop as good to excellent, unchanged from the prior week and the highest for this time of year since Y 1994.
Corn prices declined to a fresh 7-year low as some US farmers marketed a portion of last year’s crops ahead of what is expected to be a record Fall harvest.
Growers are off-loading some Corn to make room in grain bins for the upcoming harvest, which is expected to total a massive 15.2-B bu.
Despite the selling, US Corn inventories still are expected to rise to a 29-year high in the coming season.
Wheat prices fell to a fresh 10-year low after government data Monday showed the US Spring Wheat harvest advancing at a quicker clip than normal, with the new supplies expected to pile onto a glut of the grain both at home and abroad.