Chicago Board of Trade (CBOT) grains closed mixed on Wednesday with wheat futures dropping nearly two percent amid a technical sell-off.
Soybean futures firmed on seasonal strength as the Midwest harvest went down and a jump in soy oil tied to an unexpected monthly drawdown in domestic supplies. Corn futures rose after the most-active December contract dipped to 3.37 dollars per bushel, its lowest in a year.
The most active corn contract for December delivery went up 0.75 cent, or 0.22 percent, to 3.3825 dollars per bushel. December wheat delivery dropped eight cents, or 1.87 percent, to 4.2 dollars per bushel. January soybeans added 8.5 cents, or 0.88 percent, to 9.7625 dollars per bushel.
U.S. Commodities grain analyst Jason Roose says that the markets are liking that the U.S. harvest is nearing completion. "Grains are finding mild support as the U.S. corn and soybean harvests reach their final stages. Plus, slow producer-selling helps the corn market, and continued strong demand from China gives support to the soybean complex."
As for international markets, limited rain is expected across Argentina in the next two weeks. A few light showers are falling across Buenos Aries Wednesday morning. Dryness worry is expanding with a trend of below normal being expected into early December with intermittent heat.
Soybean futures firmed on seasonal strength as the Midwest harvest went down and a jump in soy oil tied to an unexpected monthly drawdown in domestic supplies. Corn futures rose after the most-active December contract dipped to 3.37 dollars per bushel, its lowest in a year.
The most active corn contract for December delivery went up 0.75 cent, or 0.22 percent, to 3.3825 dollars per bushel. December wheat delivery dropped eight cents, or 1.87 percent, to 4.2 dollars per bushel. January soybeans added 8.5 cents, or 0.88 percent, to 9.7625 dollars per bushel.
U.S. Commodities grain analyst Jason Roose says that the markets are liking that the U.S. harvest is nearing completion. "Grains are finding mild support as the U.S. corn and soybean harvests reach their final stages. Plus, slow producer-selling helps the corn market, and continued strong demand from China gives support to the soybean complex."
As for international markets, limited rain is expected across Argentina in the next two weeks. A few light showers are falling across Buenos Aries Wednesday morning. Dryness worry is expanding with a trend of below normal being expected into early December with intermittent heat.
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