$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished lower Tuesday with Corn and Wheat posting more than 2% losses on the day
The most active Corn contract for December delivery fell 7.75 cents, or 2.06%, to 3.685 bu.
December Wheat delivery went down 11.75 cents, or 2.51% to 4.56 bu.
November Soybean dropped 14 cents, or 1.49%, to 9.2425 bu.
CBOT brokers reported that funds sold 7,000 contracts of Corn, 9,000 contracts of Soybeans, and 4,000 contracts of Wheat. The sell-offs dragged down all the prices.
The decrease of futures’ prices was due to improving crop conditions, with no sign of extended heat, said analysts.
Traders are also worried that a stronger USD makes US agricultural products less competitive in the world market.
The US Department of Agriculture (USDA) reported Monday better Corn crop conditions and favorable weather in leading agricultural State of Iowa added more pressure on Corn and Soybean futures.
Ample Wheat supplies in world market led to the downturn of its prices both in the US and Europe.
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