Chicago Agriculture Commodities Finished Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished mixed Tuesday with Wheat dropping to its lowest marks since early February.
The most active Corn contract for May delivery went down 2.25 cents, or 0.62%, to 3.6125 bu.
May Wheat delivery skidded 3.75 cents, or 0.87%, to 4.265 bu
May Soybean rose 2 cents, or 0.2%, to 10.015 bu.
Wheat futures declined over weather forecasts that it may rain in the Wheat-growing southern plains later this week. It is a good news for thirsty grains but pushed down the futures, already pressured by abundant supplies.
Corn futures also went down as rain has started to fall in Brazilian Corn-growing areas, which could favor the development of crops there.
Soybean, thanks to bargain buying, reversed the initial down-turn course and finished higher. Its May contract is now back above the 10.oo psych mark.
However, the pressure from ample supplies is still there as a leading Brazilian agriculture consultancy company raised the country’s soybean harvest outlook to 111-M tonnes, up from 108 tonnes.