Chicago Agriculture Commodities Finished Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished lower Wednesday with Wheat falling more than 1% due to strong competition in overseas markets.
The most active Wheat contract for December delivery dove by 4.75 cents, or 1.09%, to 4.30 bu.
December Corn delivery fell 1.5 cents, or 0.43%, to 3.485 bu.
November Soybean went down 0.5 cent, or 0.05%, to 9.8425 bu.
CBOT floor brokers estimated that funds sold 4,000 contracts of Corn, 2,500 contracts of Wheat and bought 1,500 contracts of Soybean.
The US Wheat Associates (USW) announced that it will close its office in Cairo, Egypt, on 1 December, after some 40 years of operation in the world’s leading Wheat importer.
The mission of USW’s overseas offices is to promote US Wheat, now facing fierce competition from other producers, especially in the Black Sea area.
USW President Vince Peterson has expressed the need to adjust its activities in the Middle East and North Africa, as the supply of much lower priced Wheat from Russia significantly increased.
Corn and Soybean markets followed the downturn, but the losses of their futures were limited
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