Chicago Agriculture Commodities Finished Lower Friday
Chicago Board of Trade (CBOT) grains futures finished lower Friday, with Wheat falling to decade low, pressured by ample supplies and technical selling.
Corn and Soybean prices also fell as traders awaited final harvest projections from the Pro Farmer tour, which last week trekked across major Midwest growing regions to size up the region’s crops.
The most active Corn contract for December delivery was down 7 cents, or 2.11%, to 3.25 bu.
December Wheat delivery fell 16.25 cents, or 3.83%, to 4.075 bu.
November Soybean fell 8.25 cents, or 0.85%, to 9.6725 bu.
Technical selling and grain handlers’ efforts to move US Winter Wheat supplies to buyers ahead of the Corn harvest pressured Wheat prices, agriculture grain traders said.
Global supplies are abundant as well (glut). The International Grains Council Thursday raised its forecast for world Wheat production in the MY 2016-17 to a record high.
After the close, the Pro Farmer advisory service reported results of its 4-day tour of the US Midwest.
It predicted that US average Corn yields in Y 2016 will be 170.2 BPA (bushels per acre), or enough to produce a record-large 14.728-B bu crop. Soybean production was seen at a record 4.093-B bu, based on an average yield of 49.3 BPA, Pro Farmer said.
Have a terrific week.
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