Chicago Agriculture Commodities Finished Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture commodities finished lower Monday on massive sell-off triggered by improved weather conditions for Wheat and profit-taking.
The most active Corn contract for May delivery fell 3.75c, or 0.97% to settle at 3.825 bu.
May Wheat delivery went down 10.25c, or 2.17% to close at 4.6225 bu.
May Soybeans lost 12.25c, or 1.16% to settle at 10.42 bu.
CBOT floor brokers reported that funds sold 5,300 contracts of Corn, 6,400 contracts of Chicago Wheat and 2,400 contracts of Soybean.
Dryness in Kansas, Oklahoma and Texas has led to bad ratings of Wheat crops there. The 3 Wheat growing states have seen little rain for months.
According to forecasts, as much as 4cm of rain would fall in the region later this week, which would give thirsty winter Wheat crops much-needed water.
As a result, Wheat prices continued to fall for the 4th session running as weather conditions improved.
Market observers said that weak demand for US Wheat put additional pressure on the CBOT market.
CBOT Soybean, which had posted gains of more than 20c last week, fell sharply Monday on profit-taking.