Chicago Agriculture Commodities Finished Mixed
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture commodities finished mixed Tuesday with Soybean posting gains for the 4th session running on lowered crop estimates for Argentina and less US ending stocks.
The most active Corn contract for May delivery fell 1.5c at 3.8925 bu.
May Wheat delivery went up 1.25c, or 0.25% to close at 4.92 bu.
May Soybean rose 3c, or 0.29% to settle at 10.50 bu.
Tuesday, the US Department of Agriculture (USDA) released its monthly World Agricultural Supply and Demand Estimates Report, in which the USDA lowered estimate of MY 2017/18 US Soybean ending stocks by 5-M bu to 550-M bu.
The April report revised the Argentine Soybean crop, down 7-M tonnes from its prior estimate, which boosted CBOT Soybean.
Some market observers doubt that the Soybean rally will hold, as the industry has been talking about a reduced Argentine soy crop for weeks.
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