Chicago Agriculture Commodities Finished Lower
$SOYB, $CORN, $WEAT
Chicago Board of Trade (CBOT) agriculture grains futures closed lower Thursday with soybean futures falling, pressured by the ongoing harvest of a projected record-large crop in Brazil and profit-taking after a 2-session climb attributed to fund buying.
Corn futures and Wheat futures were also lower.
The most active Corn contract for May delivery fell 2.5 cents, or 0.65%, to 3.795 bu.
May Wheat delivery fell 4.25 cents, or 0.93%, to 4.5275 bu.
May Soybean dropped 14.5 cents, or 1.38%, to 10.3725 bu.
Soybean futures sagged as expectations of Brazil’s Soybean harvest continued to rise. Informa Economics raised its forecast of Brazil’s crop to a record-high 108-M tonnes, + 2-M tones from its previous estimate.
The figure is above the last monthly estimate from Brazil’s government agency Conab, which put the crop at 105.6-M tonnes, and the US Department of Agriculture’s (USDA)figure of 104-M tonnes.
The White House Tuesday denied that President Donald Trump planned to issue an executive order to change the national bio-fuels program, after the US Renewable Fuels Association said the Trump team had informed the group an order was pending.
Wheat was pressured by strength in USD, which tends to make US agriculture grains less competitive on the global market.
The Buck rose to 7-week highs against a basket of peer currencies after hawkish comments by a FOMC official late Wednesday encouraged investors to expect a near-term interest rate hike.
The USDA weekly export sales report released Thursday indicated that for the week ending 23 February, the US sold 13-M bu of Wheat, 27.3-M buof Corn, and 15.7-M bu of Soybean to international destinations.