Chicago Agriculture Commodities Finished Mixed
$SOYB, $CORN, $WEAT
Chicago Board of Trade (CBOT) grains futures settle mixed Wednesday with Soybean futures rising for 4th session running, notching a six-month high on worries that recent heavy rains could damage crops in Argentina.
The most active Corn contract for March delivery fell 0.5 cents, or 0.14%, to 3.65 bu.
March Wheat delivery fell 2.5 cents, or 0.58%, to 4.31 bu.
March Soybean added 5.75 cents, or 0.54%, to 10.75 bu.
Soybeans are processed into Soymeal, a high-protein animal feed ingredient, and Soyoil, which is used in foods and in bio-diesel fuel. As with Soybean, spot CBOT Soymeal futures set a 6-month top.
Heavy rain inundated key Argentinian Soybean-growing areas over the weekend, raising doubts about the crop in a season which has already seen a reduction in Soy planting as growers turn more toward Corn.
Corn and Wheat have traded mostly lower with Soy futures offering support on corrections.
CBOT Corn open interest was up 10,213 contracts, soybeans were up 28,683 contracts with Wheat up 607 contracts Tuesday. The big gains on Corn and Soybean open interest suggest new demand by funds and end users.
CBOT brokers report that funds have sold 2,000 contracts of Sorn and 1,500 contracts of Wheat while buying 4,000 contracts of Soybeans In Soy products, funds have bought 1,200 contracts of Soymeal and sold 1,500 contracts of Soyoil.
A rebound in the USD added pressure, making US agriculture grains less attractive on the global marketplace. The US Dollar (.DXY) Index rose after hitting a nearly 6-week low the day after US President Elect Donald Trump complained that USD was too strong.
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