Chicago Agriculture Commodities Finished Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture commodities futures all finished lower Wednesday after rallying Tuesday, as funds cut their net Length positions in grains sharply on slow demand.
The most active Corn contract for Dec delivery shed 7.25 cents, or 1.88%, to close at 3.7825 bu.
Sept Wheat delivery lost 14.5 cents, or 2.84%, to end at 4.9625 bu.
Nov Soybean dropped 1.5 cents, or 0.16%, to close at 9.4325 bu.
Chicago Wheat and Corn came under pressure from weak world export demand, the advancing global Wheat harvest and improving weather forecast in the US Midwest, taking a big step back Wednesday from rallying Tuesday.
Soybean futures fell slightly with finding some support from Short covering ahead of the soon to be deliverable August futures.
The weekly Ethanol production report released by the US Energy Information Administration (EiA) Wednesday showed a slight drop in output, which was seen as Neutral to slightly Bearish to corn futures.
US Ethanol production through the week ending 24 July was down 0.08% from the prior week, to 965,000 BPD, which used an estimated 99-M bu of Corn, below the weekly average needed to reach MY 2014/15 US Department of Agriculture annual estimate.
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