Chicago Agriculture Commodities Finished Lower
$SOYB, $CORN, $WEAT
Chicago Board of Trade (CBOT) agriculture grains futures finished lower Tuesday with Soybean futures tumbling to a nearly 1-month low, as rain in Argentina’s dry crop belts kept South America on track for a bumper harvest.
The most active Corn contract for March delivery fell 3 cents, or 0.85%, to 3.5025 bu.
March Wheat delivery fell 1.75 cents, or 0.43%, to 4.0325 bu.
January Soybean dropped 16.25 cents, or 1.59%, to 10.0525 bu.
Corn and Wheat futures also ticked lower, under pressure from a stronger USD and technical selling.
Rain expected in Argentina this week has eased concerns about stress to Corn and Soybean crops in some areas, while forecasters continue to see record harvests in fellow exporter Brazil.
Even so, dryness poses a threat to Soybean production in southern parts of Argentina’s bread-basket province Buenos Aires, climate experts said Tuesday, and could interfere with planting.
The USD, which rose Tuesday to a 14-year high, has also taken the shine off healthy US exports of Soybean and Corn.
The strong USD indeed makes it hard for any rally potential to fully develop.
Since the weekend, parts of the US Plains and Midwest have experienced temperatures cold and bitter enough to threaten Wheat crops.
Wheat prices remain anchored by record global inventories projected MY 2016-17, with US Wheat facing additional pressure from a USD rally that makes the origin less competitive for export.