Chicago Agriculture Commodities Finished Mixed Wednesday
$WEAT, $SOYB, $CORN
The Chicago Board of Trade (CBOT) Wheat and Soybean retreated Wednesday from prior gains, Corn closed slightly higher.
The most active Corn contract for December delivery added 0.75 cents, or 0.20%, to close at 3.69 bu.
Dec Wheat delivery lost 2.75 cents, or 0.58%, to close at 4.7225 bu.
Nov Soybean fell 7.00 cents, or 0.80%, to close at 8.7225 bu.
Soybean dropped Wednesday as an official agriculture grain report showed better-than-expected ratings, according to analysts.
The United States Department of Agriculture (USDA) released its weekly Crop Progress Report after the market closed Tuesday, rating Soybean at 63% good or excellent till the week of 6 September, unchanged from the prior week. As the market had been looking for a drop in the rating of Soybean before, the report was viewed as better-than-expected and exerted pressure on Soybean.
The report rated Corn at 68% good or excellent, also unchanged from the prior week. However, analysts said Corn closed higher as investors expect USDA would trim its production forecast in a monthly report due Friday.
The report showed that Spring Wheat harvested till the week of 6 September was 94%, higher than both the 88% of last week, and the 76% average of the past 5 years. Some said these data showed more supply of wheat, while export demand for US Wheat remains poor.
Stay tuned…
HeffX-LTN
Paul Ebeling
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