Chicago agricultural commodity futures were traded lower Tuesday, as weather concerns pressured the trading for most of the day.
The most active corn contract for December delivery fell 12.5 U. S. cents, or 2.51 percent, to close at 4.855 dollars per bushel. September wheat lost 6 cents, or 0.91 percent, to settle at 6.5375 dollars per bushel. November soybeans fell 28.25 cents, or 2.19 percent, to close at 12.6025 dollars per bushel.
According to Chicago Mercantile Exchange, September corn led the complex to the downside on liquidation,which may have been triggered by reports that harvest had begun in Louisiana. Weather points negative for the market after steady rainfall was recorded in eastern Nebraska, central Iowa, and northern Missouri.
For wheat, new crop harvest is just in its beginning stages in the U.S. state of Nebraska. As of Monday, Russia had harvested 25. 4 million tons of wheat, up 9 million from last year. The average yield at this point was estimated at 3.15 tons per hectare as compared with 2.54 at the same point last year.
Russia continues to offer wheat at a discount to the United States into the Middle East and North Africa. For soybeans, there was some talk that the Chinese intended on releasing 3 million tons of inventory out of reserves to their domestic market for crushers, but no confirmation has been made