Chicago Agriculture Commodities Finished Mixed
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished lower Tuesday with Soybean continuing its downturn due to better yield expectations.
The most active Corn contract for December delivery fell 1.5 cent, or 0.42%, to 3.5225 bu.
December Wheat delivery went down 0.25 cent, or 0.06%, to 4.5375 bu.
November Soybean declined by 7.75 cents, or 0.80%, to 9.635 bu.
CBOT brokers reported that funds sold 5,400 contracts of Soybean, while buying 2,500 contracts of Corn and 3,000 contracts of Wheat.
Soybean posted losses for the 2nd session running as better-than-expected yields, especially in the US Midwest, put pressure on the market.
According to the US Department of Agriculture (USDA), as of Sunday, the US Soybean crop’s condition is 60% good/excellent Vs a 59% rating just 1 week ago.
The Soybean harvest progress in 10 Midwest agricultural states, including Illinois, Missouri, Nebraska, Kansas, are reportedly above average marks.
With US Wheat export demand being tepid and the Midwest harvest gaining momentum, many traders doubt that any grain rally can be sustained.
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