Chicago Agriculture Commodities Finished Sharply Lower
Chicago Board of Trade (CBOT) agriculture commodities finished sharply lower Monday, with Soybean futures diving over 20c, on massive selling triggered by trade tensions.
The most active Corn contract for July delivery fell 6.75c, or 1.89% to close at 3.505 Bu.
September Wheat delivery dropped 13.75c, or 2.73% to close at 4.905 Bu.
November Soybean delivery went down 20.75c, or 2.26% to close at 8.955 Bu.
The week kicked off with a Bearish tone on Soybean futures, as intensifying trade tensions between the US and China weighed on market sentiment.
Wheat futures also dropped over 2% as the US winter Wheat harvest moves on and positive growing weather in Australia.
About 27% of the US winter Wheat crop was harvested as of 17 June, topping the prior 5-year average of 19% for the week, according to the US Department of Agriculture(USDA).
After the CBOT close, the USDA rated 77% of the US Corn crop in good to excellent condition, down from 78% the week before but still among the highest ratings for this time of year in USDA records dating back to the mid-1980’s.
The USDA rated 73% of the nation’s Soybean crop as good to excellent, unchanged from the prior week and the highest on record for this time of year.
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