Chicago Agriculture Commodities Traded Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture commodities traded lower Wednesday morning, with Wheat futures falling on investors’ profit taking.
Wheat prices rose Wednesday on reports from the Kansas Wheat Tour noting that cold and dry weather had slowed the growth. Some reports from fields indicated that the crop was in fairly bad shape.
July Corn was 0.5c lower at 4.0525 bu as of 1530 GMT
July Wheat was 1.0c lower at 5.2825 bu
July Soybean was down 4.75c at 10.485 bu.
As for international market, agriculture weather forecasts are concerning. There is no rain in sight for Australia’s Wheat areas with winter grain seeding normally underway.
Black Sea weather forecasts offer limited rain for the next 2 weeks with warm to hot temperatures this week and cooling next week.
And the winter Brazilian Corn areas will be bone dry into mid-May.
While, the other South American weather extreme is flooding rains for portions of Argentina.
Plus world crop production is in decline with European traders very focused on emerging Black Sea dryness