Chicago Agriculture Commodities Finished Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) Corn, Wheat and Soybean futures all fell Tuesday, pressured by historically high crop ratings and forecasts for moderating temperatures next week.
The most active Corn contract for December delivery fell 14.75 cents, or 4.1%, to 3.485 bu.
September Wheat delivery fell 11.5 cents, or 2.7%, to 4.18 bu.
November Soybean fell 38.5 cents, or 3.6%, to 10.2775 bu.
Rains in recent days may help blunt the impact of the hot spell, and more normal readings are expected next week , the Commodity Weather Group said.
The US Department of Agriculture (USDA) late Monday rated 76% of the Corn and 71% of the Soybean crop as good to excellent, unchanged from the prior week and some of the highest ratings for mid-July in the last 20 years.
Agriculture analysts said, Corn and Soybean are in correction mode as the USDA crop report is showing no deterioration in the condition of both crops.
The sentiment has turned Bearish after the report, they added.