Chicago Agriculture Commodities Finished Mixed
$SOYB, $CORN, $WEAT
Chicago Board of Trade (CBOT) agriculture grains futures finished mixed Monday with Soybean futures weakening on forecasts for some much-needed rain in dry parts of Argentina’s growing areas.
The most active Corn contract for March delivery rose 1 cent, or 0.28%, to 3.605 bu.
March Wheat delivery added 1 cent, or 0.24%, to 4.1725 bu.
January Soybean dropped 6.5 cents, or 0.63%, to 10.31 bu.
Wheat and Corn futures finished higher, with Wheat receiving support from improving export hopes for US supplies, traders said. Both grains traded in negative territory before buyers stepped in to the market.
Technical buying also let support to both Corn and Wheat when they hit session lows. Snow during the weekend in Key US growing areas eased concerns about Winter Kill damaging the Wheat crop when sub-freezing temperatures hit the Midwest in the coming days, limiting the rebound.
Traders shrugged off news of a fresh sale of 256,600 tonnes of US Soybean to China as the world’s largest buyer of the Oilseed is expected to turn its attention to South America in the coming months when what is forecast to be a huge crop is harvested there.
A weekly report from the US Agriculture Department that showed better-than-expected Soybean export inspections also offered little support.
Rain in the forecast for key producer Argentina added to the Bearish tone hanging over Soybean.
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