Chicago Agriculture Commodities Finished Mixed
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished Tuesday as government data showed deteriorating crop condition ratings.
The most active Corn contract for December delivery rose 2.75 cents, or 0.71%, to 3.9075 bu.
September Wheat delivery edged down 2.25 cents, or 0.45%, to 5.0375 bu.
November Soybean went up 4.25 cents, or 0.43%, to 10.0175 bu.
In its weekly Crop Progress Report released Monday, the US Department of Agriculture (USDA) dropped all the 3 crops’ good-to-excellent ratings, indicating that hot and dry weather threatened yield potential.
With the good and excellent ratings from the USDA’s crop condition report showing a 3% decline and weather forecasts over the next 2 weeks pointing to extreme heat in many areas of the western Corn Belt, the Corn futures posted gains Tuesday.
The Soybean followed Corn’s upturn, while wheat continued its downturn for the 5th session running. CBOT floor brokers reported that funds kept selling Winter Wheat contracts.