Chicago Agriculture Commodities Finished Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished much lower Tuesday with Soybean posting more than 3% losses in response to better crop ratings.
The most active Corn contract for December delivery dropped 8.25 cents, or 2.14%, to 3.765 bu.
September Wheat delivery edged down 13.25 cents, or 2.79%, to 4.6125 bu.
November Soybean fell 35.5 cents, or 3.52%, to 9.7175 bu.
CBOT brokers estimated that funds sold 12,000 contracts of Soybean, 17,000 contracts of Corn, and 3,600 contracts of Wheat.
The massive sell-offs were prompted by a crop progress report released Monday.
The US Department of Agriculture reported that Soybean saw a 2-point improvement overall with 59% good to excellent, which led to the sharp decline for Soybean prices.
Although the same report showed 61% of Corn was good to excellent, down 1% from last week, the sell-off mode in the market also dragged its prices down.
Macro-economic factors also contributed to the CBOT selling, including a sharp fall in Crude Oil, said agriculture analysts.
Wheat futures settled lower as US farmers are preparing for the Spring Wheat harvest.