Chicago Agriculture Commodities Finished Mixed
Chicago Board of Trade (CBOT) agriculture commodities traded mixed Monday, with Corn and Soybean futures dropping to fresh multi-month lows as widespread rains across the US midwest farm belt bolstered production outlooks for recently planted crops.
Wheat futures also eased as rainfall in western Australia took the edge off global weather worries, although declines were limited as dry weather persisted in other Key production areas around the world.
The most active Corn contract for July delivery fell 2.5c, or 0.63% to close at 3.915 bu.
July Wheat delivery fell 3c, or 0.57% to close at 5.2325 bu.
July Soybean delivery went up 2.75c or 0.27% to close at 10.2125 bu.
CBOT brokers estimate that funds Monday have sold 17,000 contracts of Corn, 8,000 to 9,000 contracts of Soybean, and 4,700 contracts of Wheat.
In Soy product futures, funds have sold 6,200 contracts of Soymeal and bought 1,700 contracts of Soyoil.
The US Department of Agriculture (USDA) said last week that about 75% of the US Corn and Soybean crops were in good or excellent condition.
Fund managers sharply decreased their bets on higher prices for Corn and Soybean last week, according to the Commodity Futures Trading Commission of USDA.
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