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Chicago agricultural commodities fell sharply on improving weather outlook

Xinhua, July 21, 2016 Adjust font size:

Chicago Board of Trade (CBOT) corn, wheat and soybean futures all fell sharply on Wednesday, as the latest weather outlook appeared less threatening to crop development.

The most active corn contract for December delivery fell 4.25 cents, or 1.22 percent, to 3.4425 dollars per bushel. September wheat delivery fell 5 cents, or 1.2 percent, to 4.13 dollars per bushel. November soybean fell 18.75 cents, or 1.82 percent, to 10.09 dollars per bushel.

Corn hits its lowest in nearly two years, as more rain was added to the outlook for key growing areas, which will help protect the crop from the scorching temperatures during the next few days.

Wheat futures also fell, with traders locking in profits from surprise gains during the overnight session.

Jason Ward, Northstar Commodity's Director of Grains and Energy, said the news was light but wheat prices were breaking down to a new contract low and putting some pressure on what was a higher corn market.

"Weather forecasts lean neutral negative, which I can't believe I'm writing when this much heat is in the forecast. But, with mostly adequate moisture a few days of extreme heat will keep damage limited. Believe it or not, we are building a new short in corn," Ward said. Endit