Chicago Agriculture Commodities Finished Mixed
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture commodities finished mixed Tuesday with Wheat futures seeing a choppy session.
The most active Corn contract for May delivery rose 1c, or 0.26%, to settle at 3.9175 bu.
May Wheat delivery went down 4.25c, or 0.87%, to close at 4.865 bu.
May Soybean were up 7.75c, or 0.74%, to settle at 10.4875 bu.
CBOT floor brokers reported that funds bought 8,000 to 9,000 contracts of Corn, 4,500 contracts of Soybean, while flat Wheat.
According to weather forecasts, rain will be falling in drought-hit Argentina later this week. However, observers are concerned that the rainfall will miss the areas where corn and soybeans are and can hardly ease the dryness there.
Brazilian Corn prices have rallied along with the CBOT on tightening supplies. Brazilian farmers have the Corn, but they are just reportedly sitting on supplies awaiting higher prices due to the ongoing Argentine drought.
As a result, both CBOT Soybean and Corn futures closed higher.
CBOT wheat saw a choppy session. It rose sharply during the morning but slid towards the negative territory later as forecasters started to talk about higher possibility of rainfall in the wheat growing US southern plains.