Chicago Agriculture Commodities Trading Mixed In Asia
$CORN, $WEAT, $SOYB
US Corn eased Wednesday in Sydney as the US Department of Agriculture (USDA) pegged crop conditions above agriculture grain market expectations, but forecasts that the US government would cut production estimates later this week curbed losses.
Chicago Board of Trade December Corn fell 0.54% to 3.66-3/4 bu, having gained 1.45% in the previous session.
November Soybean little changed at 8.78-3/4 bu, after firming 1.18% Tuesday.
December Wheat dropped 0.37% to $4.73-1/4 bu, having closed + 1.55% Tuesday.
Traders believe the USDA may cut its yield estimates for Corn and Soybean in its monthly reports because of unfavorable weather.
The USDA said the condition of the Soybean crop was unchanged at 63% good to excellent, though it was below the 5-year average.
Agriculture grain analysts had expected a small decline for Corn and Soybean. The harvest of US Spring Wheat is 94% complete, the USDA said, well ahead of the 5-year average.
Soybean export inspections last week totaled just 93,308 tonnes, the lowest in about a year according to USDA data.
The US Corn crop was seen at 68% good to excellent, unchanged from last week, and 4% below the 5-year average.
Stay tuned…
HeffX-LTN
Paul Ebeling
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