Chicago Agriculture Finished Lower Wednesday
$CORN, $WEAT, $SOYB
Chicago Board of Trade(CBOT) Corn, Wheat and Soybean futures finished lower Wednesday as the USD rallied for a 2nd session running, undercutting $-denominated Agriculture commodities, funds were the active sellers on the ongoing weakness in world cash markets.
The most active Corn contract for Dec delivery shed 3.75 cents, or 0.99%, to close at 3.7325 bu.
Dec Wheat delivery lost 5.25 cents, or 1.05%, to close at 4.9425 bu.
Nov Soybean dropped 12.75 cents, or 1.45%, to close at 8.65 bu
A higher Buck weighed on prices for the US agriculture commodities, as it once rose over 1% against a basket of currencies Wednesday, which typically makes US exports less attractive to foreign buyers.
“Although there has been a recovery in the world financial markets, the CBOT grain room is finding selling pressure as cash world wheat, corn and soybean markets all sink,” said a Chicago-based agricultural research institute.
The weekly Ethanol production report released by the US Energy Information Administration (EIA) Wednesday showed a drop in production, which was seen as Bearish Corn futures
US Ethanol production through the week ending 21 August was down 1.3% from the prior week, to 952,000 BPD, which used an estimated 98-M bu of Corn, lower than the pace needed to meet the US Department of Agriculture’s forecast in MY 2014/15.
Stay tuned..,
HeffX-LTN
Paul Ebeling
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