Chicago Agriculture Commodities Finished Lower

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.

Stay tuned…

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