Chicago Agriculture Commodities Finished Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) grains futures finished lower Monday, as forecasts for good weather across much of the US Midwest promised to clear the way for farmers to harvest what are expected to be record crops.
The most active Corn contract for December delivery fell 0.25 cents, or 0.07%, to 3.365 bu.
December Wheat delivery dropped 0.75 cents, or 0.18%, to 4.0475 bu.
November Soybean fell 21.5 cents, or 2.2%, to 9.55 bu.
Soybean prices dropped, weighed down by a view for drier weather in the US Farm Belt this week, which likely will help growers make progress collecting massive crops.
Last week, heavy rains drenched parts of the Midwest including major farm states like Iowa and Minnesota, fueling concerns over yield loss in some farmers’ fields. However skies are expected to clear this week, allowing farmers to resume fieldwork and easing worries over damage to crops.
Corn futures fell, buffeted by harvest progress in the Midwest. Analysts say farmers in central Illinois are about half-done with the Corn harvest, and a drier outlook elsewhere in the Midwest this week is offering hope that combines will roll uninterrupted through US fields.
While yields for Corn have been more variable than for Soybean, this year’s crop still is expected to build US Corn stockpiles to a nearly 30-year high by next August.
Wheat prices slid, dragged lower by falling Corn and Soybean prices as well as ample US and world supplies of the grain.