Chicago Agriculture Commodities Finished Lower
$WEAT, $CORN, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished lower Thursday with Wheat futures sinking to 3-month low, buffeted by huge world harvests that are adding to an oversupply of the agriculture grain.
The most active Corn contract for March delivery fell 6 cents, or 1.72%, to 3.425 bu.
March Wheat delivery dropped 7.25 cents, or 1.8%, to 3.955 bu.
January Soybean fell 2.5 cents, or 0.24%, to 10.2975 bu.
Wheat prices for a 6th session running, as sellers came into the market, driven in part by signs Australian farmers are harvesting a massive crop when world inventories of the grain already are record large.
The prospect of a big Australian harvest exacerbates worry among grain traders who have long been concerned about the competitiveness of US Wheat on the world market, causing some fund managers to liquidate Bullish bets on the grain.
Heavy deliveries tend to reflect weakness in the cash market, which makes delivery against futures a better sale for commercial grain firms.
Corn followed Wheat down, with lower-than-expected weekly US export sales adding pressure. The US Department of Agriculture (USDA) reported export sales of US Corn in the latest week at 761,600 tonnes, below a range of trade expectations.
Soybean sagged on expectations for a slowdown in export demand for US supplies, along with generally favorable South American crop weather.
The USDA reported weekly US Soybean export sales at 1.4-M tonnes, at the high end of a range of trade estimates.
Have a terrific weekend.
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