Chicago Agriculture Commodities Finished Lower
$CORN, $WEAT, $SOYB
Chicago agriculture commodities finished lower on Wednesday with soybeans retreating from a 7-week high.
The most active Corn contract for March delivery fell 1 cent, or 0.28% to settle at 3.5275 bu.
March Wheat delivery went down 7.5 cents, or 1.73%, to 4.2525 bu.
January Soybean lost 5.75 cents, or 0.57% to close at 10.0275 bu.
CBOT Soybean had posted sharp gains in the previous session amid concerns over dry weather pattern in Argentina and southern Brazil.
Wednesday, profit-taking trimmed the gains of Soybean, which still managed to keep above the 10.0 bu mark.
Another factor that led to the fall of Soybean was a correction by the US Department of Agriculture (USDA). It announced in the morning that a recent export sale of Soybean to China should be 393,000 tonnes, instead of 525,000 tonnes report issued in error.
Additional pressure came from a strong USD, as .DXY has risen for 3 days running, making CBOT commodities less competitive in international market.
Meanwhile, both Paris and Chicago Wheat futures declined Wednesday due to ample inventories.