Chicago Agriculture Commodities Finished Lower Friday
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished lower Friday as investors took profits after recent gains and US crop harvest picked up.
The most active Corn contract for December delivery fell 2.5 cents, or 0.7%, to 3.55 bu.
December Wheat delivery dropped 6 cents, or 1.45%, to 4.085 bu.
January soybeans fell 13 cents, or 1.27%, to 10.12 bu.
Soybean prices retreated from a 2-month high marked Thursday as prices for Soybean meal fell sharply and recent buying in the market tapered off. Prices for the Oilseed rose to the highest mark since late August last week, as optimism over strong export demand and an upswing in prices for Soybean oil spurred buying commodity funds.
But doubts emerged Friday about how long the rapid pace of US Soybean exports would last, and prices also were buffeted by much weaker prices for Soybean meal, an animal-feed ingredient widely fed to chickens and pigs.
Buying also dried up in Corn and Wheat markets, capping a 3-day rally in grain prices.
The Wheat market had benefited from strong global demand last week and Corn prices saw a friendly bout of investor short covering, but both markets succumbed Friday due weakness in soybean prices and positioning by traders near the end of the month.
The US has been the dominant global Soybean exporter for months due to limited supplies in South America. Farmers in Argentina and Brazil were enjoying largely benign conditions early in the growing season, even as parts of Argentina had excessive rainfall.
Global Wheat supplies were more burdensome and US Wheat has struggled to compete with Russia due to freight costs for shipments into Northern Africa and Middle East, including top importer Egypt.