Chicago Agriculture Commodities Finished Mixed
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture commodities finished mixed Tuesday with Soybean rising for the 2nd day running over falling production estimates.
The most active Corn contract for March delivery rose 2c, or 0.58%, to settle at 3.4825 bu.
March Wheat delivery went down 4c, or 0.95%, to close at 4.165 bu.
March Soybeans climbed 7.5c, or 0.78%, to settle at 9.68 bu.
Soybean has posted gains since the US Department of Agriculture (USDA) reduced its projections for MY 2017-18 output. The government pegged US production at 119.52 tonnes, down from 120.44-M tonnes a month earlier.
Additional support came from Argentina, where disappointing crop conditions and dry weather could lead to less yield of Soybean.
CBOT Wheat futures continued to fall as the USDA recently estimated Y 2018 winter Wheat plantings at 32.608-M/acres, above analysts’ expectations. Ample global supply also contributed to the decline.