CHICAGO, Aug 01 (Reuters): Chicago December corn futures settled below $4 and hit a contract low on Wednesday as favorable US crop prospects weighed and farmers began selling their hefty supplies of old crop corn, traders said.
Wheat stabilized as a poor harvest in France lent support to prices, though seasonal supply pressure from northern hemisphere harvests have continued to pressure the market.
Soy ticked up on rising crude oil prices amid increased tensions in the Middle East. The most-active soybean contract on the Chicago Board of Trade (CBOT) settled up 1-1/4 cents at $10.22-1/2 per bushel.
CBOT corn ended down 5-1/4 cents at $3.99-3/4 per bushel, close to its end-June low of $3.99-1/2 that was its weakest price since November 2020.
CBOT wheat settled up 3-1/4 cents at $5.27-1/4 per bushel, though competitively priced Russian wheat and a strong US crop will keep a lid on prices, traders said.
Chicago corn falls below $4
Soy and wheat up
FE Team | Published: August 01, 2024 22:12:48
Chicago corn falls below $4
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