Chicago Agriculture Commodities Finished Lower
$CORN, $WEAT, $SOYB
Chicago agriculture commodities finished lower Monday with Wheat and Corn futures falling more than 1% on the day.
The most active Corn contract for March delivery fell 3.75 cents, or 1.06% to settle at 3.49 bu.
March Wheat delivery went down 5.5 cents, or 1.31%, to 4.135 bu.
January Soybean lost 7.25 cents, or 0.73% to close at 9.825 bu.
CBOT brokers reported that funds sold 6,400 contracts of Corn, 4,800 contracts of Soybean and 4,300 contracts of Wheat.
Wheat futures have fallen to new contract lows on continued technical selling amid large world supplies, said agriculture grain analysts.
Meanwhile, favorable weather in the Black Sea is allowing Russia to export record tonnes of Wheat, adding more pressure on CBOT Wheat.
Traders believe that wetter forecasts for parts of Argentina and Brazil will, to some degree, relieve the dry and hot conditions there, which dragged down the prices of Soybean.
CBOT Corn followed the declines of Wheat and Soybean.
Prices also drifted lower ahead of Tuesday’s report on world agricultural supply and demand estimates, prepared monthly by the US Department of Agriculture (USDA).