Chicago Agriculture Commodities Finished Lower
$SOY, $WEAT, $CORN
Chicago Board of Trade (CBOT) agriculture commodities traded lower Thursday, as investors focused on renewed trade tensions between the US and China.
The Trump Administration is moving forward on placing $50-B of tariffs on Chinese on a list of 800 items, albeit lessened from 1300 items on the list on Friday. Thus pushing CBOT agriculture futures lower.
The most active Corn contract for July delivery fell 13c, or 3.46% to close at 3.63 bu.
July Wheat delivery dropped 15c, or 2.9% to close at 5.015 bu.
July Soybean delivery went down 8.75c, or 0.93% to close at 9.2725 bu.
The decline in Soybean futures has been less than the grains as traders await the decision from US President Trump on Chinese trade tariffs, which according to media reports will come Friday.
Wheat futures also fell sharply with investors continuing to push back against a sharp rally Tuesday on abundant global supplies.
Weather forecasts for crop-boosting weather in Key growing areas of the US Midwest pushed Corn futures to multi-month lows Thursday, traders said.
An independent researcher reportedly Wednesday raised its estimate for 2018 US Corn acres to 88.7-M Vs. the US Department of Agriculture (USDA)’s March outlook for 88-N, while the firm sees US Soybean acres at 89.9-M, up from the USDA’s 89-M-acre forecast.
Have a terrific weekend