Chicago Board of Trade (CBOT) agricultural futures started higher but closed lower on Wednesday, under the pressure of affluent supplies and fund selling.
CBOT traders estimated that funds sold 4,500 contracts of corn, while buying 1,200 contracts of wheat, and being flat in soybeans.
Bargain hunting during the morning session, optimism over more exports to China pushed up soybeans significantly higher. However, the support did not last long. "The trade agreement is really getting closer, it's kind of right on the horizon, it's really what's being reported right now," said Virginia McGathey, an analyst with McGathey Commodities. "However even with the resolution, the effects will be long term," she added."Currently, demand is really down and supplies are up."
U.S. corn was lower as South American crops are weighing on, and there has been some rain across Brazil and Argentina, said market watchers.
And selling pressure from funds is lingering in corn. CBOT wheat, facing fierce international competition, also ended lower as U.S. export sales are still weak.
At the end of the session, the most active soybean contract for May delivery was down 0.25 cent, or 0.03 percent to close at 9.1675 dollars per bushel. May wheat was down 1.5 cents, or 0.32 percent, to settle at 4.6675 dollars per bushel. May corn went down 2.25 cents, or 0.6 percent, to close at 3.7375 dollars per bushel.
CBOT traders estimated that funds sold 4,500 contracts of corn, while buying 1,200 contracts of wheat, and being flat in soybeans.
Bargain hunting during the morning session, optimism over more exports to China pushed up soybeans significantly higher. However, the support did not last long. "The trade agreement is really getting closer, it's kind of right on the horizon, it's really what's being reported right now," said Virginia McGathey, an analyst with McGathey Commodities. "However even with the resolution, the effects will be long term," she added."Currently, demand is really down and supplies are up."
U.S. corn was lower as South American crops are weighing on, and there has been some rain across Brazil and Argentina, said market watchers.
And selling pressure from funds is lingering in corn. CBOT wheat, facing fierce international competition, also ended lower as U.S. export sales are still weak.
At the end of the session, the most active soybean contract for May delivery was down 0.25 cent, or 0.03 percent to close at 9.1675 dollars per bushel. May wheat was down 1.5 cents, or 0.32 percent, to settle at 4.6675 dollars per bushel. May corn went down 2.25 cents, or 0.6 percent, to close at 3.7375 dollars per bushel.
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