Chicago Agriculture Commodities Finished Mixed
$CORN, $WEAT, $SOYB
Chicago agriculture commodities finished mixed Monday with Wheat futures dropping more than 1% to fresh contract lows, pressured by poor demand for US supplies from overseas buyers.
The drop in Wheat weighed on Corn futures while Soybean futures edged higher, underpinned by concerns about crop development in South America.
The most active Corn contract for March delivery went down 3.25 cents, or 0.92%, to 3.5175 bu.
March Wheat delivery dropped 6.5 cents, or 1.5%, to 4.2825 bu.
January Soybean rose 2.75 cents, or 0.28% to 9.96 bu.
The US Agriculture Department Monday reported weekly wheat export inspections of 344,721 tonnes, in line with estimates for 200,000 tonnes to 400,000 tonnes.
As for other major exporters
Australian Wheat was the cheapest FOB offer in an Iraqi tender this week by sizable amount Vs North American Wheat. Australia offered Wheat to Iraq at 283.35/tonne Vs 294.47/tonne from the US, and 303.45/tonne for Canadian wheat.
With 50% of the Australian Wheat harvest now completed, its exporters are becoming more aggressive in the world Wheat market now that quality is better known. The arrival of a more aggressive Australia will further cap US Wheat export opportunities into MY 2018.
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