Chicago Agriculture Commodities Finished Mixed Friday
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture commodities finished mixed Friday, with Wheat futures dropping nearly 3%, after the US Department of Agriculture (USDA) crop report showed larger-than-expected US Winter Wheat plantings.
Corn futures fell to life-of-contract lows, while Soybean turned higher in a recovery from 4-month lows in the wake of the midday USDA supply and demand data.
The most active Corn contract for March delivery fell 2.5c, or 0.72% to close at 3.4625 bu.
March Wheat delivery dropped 12.75c, or 2.94% to close at 4.205 bu.
March Soybean added 10.5c, or 1.11% to settle at 9.605 bu.
The USDA estimated Y 2018 Winter Wheat plantings at 32.608-M acres, the smallest since Y 1909, but above analysts’ expectations for 30.1 to 32-M.
The government raised its estimate for US Corn production due to record-large yields and trimmed its estimate for the US Soybean harvest, even as that crop remained the biggest ever.
In its report, the USDA pegged the US 2017 Corn crop’s average yield at 176.6 BPA, compared with the average trade estimate of 175.4 BPA, and its estimate of 175.4 last month.
For Soybean, the final US average yield is estimated at 49.1 BPA Vs the average trade estimate of 49.5 BPA, and the USDA’s estimate of 49.5 BPA last month.
Come back daily for this report on CBOT grains.
Have a terrific week.