Chicago Agriculture Commodities Finished Mixed
Chicago Board of Trade (CBOT) Corn and Wheat rebounded Tuesday on bottom picking but Soybean continued to decline amid trade uncertainty.
The US grain market was closed Wednesday for the 4th of July holiday
The Corn contract for December delivery rose 5.25c, or 1.46% to settle at 3.6425 bu.
September Wheat went up 10.75c , or 2.24% to close at 4.91 bu.
November Soybean were down 5.25c, or 0.60% to settle at 8.6425 bu, the lowest mark since March 2016.
CBOT brokers estimated that funds bought 3,000 contracts of Wheat, 6,000 contracts of Corn while selling 2,400 contracts of Soybean.
Massive selling during the prir session had led to sharp fall in prices of Corn and Wheat.
Agriculture grain traders contributed the strong bounce Tuesday to smaller Russian Corn and Spring Wheat crops, and bargain buying.
Soybean continued to fall as the United States is still in trade dispute with China, its Top oil seed buyer.
According to a recent state-by-state analysis by the US Chamber of Commerce, Washington, Louisiana and Illinois are among the most hit Soybean exporting states in case of a trade war.
“Tariffs are beginning to take a toll on American businesses, workers, farmers, and consumers as overseas markets close to American-made products and prices increase here at home,” warned Chamber President and CEO Thomas J. Donohue.
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