CBOT Prices Dip Ahead of Crucial USDA Report
Corn and soybean prices on the Chicago Board of Trade (CBOT) fell during the week ended September 9, just days before the United States Department of Agriculture's monthly supply/demand estimates are released. Analyst Jack Scoville from The Price Futures Group in Chicago attributed this decline to speculative funds holding long positions and the upcoming harvests.
According to the CBOT data, December corn lost $0.1575 per bushel to close at $5.2775 per bushel on September 9, while November soybeans traded rangebound before settling at $13.0950/bu., down $0.0075 from the previous day.
Scoville expressed surprise that wheat prices did not react more positively to the ongoing conflict in the Black Sea region, which he believes will lead to tight supplies of wheat worldwide. However, he noted that increasing availability of wheat from Southern Hemisphere countries may be contributing to the decline in prices.