Chicago Agriculture Commodities Finished Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished lower Monday with Wheat futures falling 2% to their lowest in nearly 3 weeks, weakening on technical sales after firming briefly during the overnight trading session.
Corn and Soybean futures also dropped to multi-week lows, with traders noting some end-month liquidation by investment funds.
The most active Corn contract for May delivery fell 2.5 cent, or 0.67%, to 3.6825 bu.
May Wheat delivery fell 9.25 cents, or 2.06%, to 4.3875 bu.
May Soybean dropped 2.25 cents, or 0.22%, to 10.22 bu.
Wheat notched the biggest declines, with benign weather for crop development bolstering expectations that the upcoming harvest of the Winter crop in the northern hemisphere will add to already ample supply.
CBOT May Wheat firmed during the overnight session but turned lower after failing to hold support above its 30-Day MA. Losses accelerated after the contract dropped below its 40-Day MA before finding support near its 50-Day MA.
Declines were limited in the Soybean market as farmers in Brazil have slowed sales of their record-large crop.
According to USDA’ s weekly export inspections for the week ending 23 February, private sellers exported 57.4-M bu of Corn, 25.9-M bu of Soybean, and 19.8-M bu of Wheat.
The Corn exports were well above trade expectations, while wheat was at trader ideas, while Soybean were low, based on vessel loading.