Chicago Agriculture Commodities Finished Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture commodities finished lower Friday in Wheat and Soybean on favorable weather conditions.
The most active Corn contract for March delivery fell 0.25c, or 0.07% to settle at 3.615 bu.
March Wheat delivery went down 4.25c, or 0.94% to close at 4.4675 bu.
March Soybean lost 6.25c, or 0.63% to settle at 9.7875 bu.
CBOT brokers reported that funds sold 6,500 contracts of Soybean, 3,000 contracts of Wheat and 2,600 contracts of Corn.
Rainfall is expected this weekend in southwestern Argentina, according to weather forecasts. Market observers said that increased rain showers could ease the drought in the country’s Corn and Soybean growing areas, which drove CBOT selling Friday.
CBOT Wheat futures also fell on forecasts for snow early next week in the US plains, which will offer a protection layer for Winter Wheat plants to resist winter chill.
US farmers have reportedly sold aggressively on the rally in CBOT prices early last week while many South American farmers have taken a wait-and-see approach.
Have a terrific week.