Chicago Agriculture Commodities Finished Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished lower Wednesday with plentiful global stocks and expectations of a robust harvest casting a Bearish tone over the market.
Wheat posted the biggest losses, falling below Key technical support points as forecasts for rain in the US Plains drove prices down 2.0% to 1 week lows.
Corn marked its 3rd straight day of declines as investors struggled to find a reason to drive prices above the 8-month highs hit last week.
The most active Corn contract for May delivery fell 3.75 cent, or 1.00%, to 3.7225 bu.
May Wheat delivery fell 9.5 cents, or 2.08%, to 4.47 bu.
May Soybean dropped 3.5 cents, or 0.34%, to 10.2175 bu.
Macroeconomics are partly to blame for the lower agriculture grain markets.
The USD strength is finally getting the market’ s attention. A signaled interest rate hike, and the ADP Report, a report that measures levels of NFPs and nonfarm private employment, is showing strong numbers. All are weighing on the markets
Investors were reluctant to make big bets ahead of the US Agriculture Department’s (USDA) monthly supply and demand report Thursday.
Farming agency FranceAgriMer increased its forecast for French soft Wheat stocks this season for the 2nd month running as increased imports and reduced export prospects within the EU outweighed improving exports elsewhere.
Soybean futures hit their lowest level since 27 February, with crop forecasts for the Brazilian harvest issued earlier this week continuing to weigh on prices.
The MY 2016/17 Brazilian Soybean crop could reach 109.07-M tonnes, almost 15-Mtonnes more than in the prior season, as record yields in several states boost output prospects, brokers and analysts said Tuesday.
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