Chicago agricultural commodities closed down Wednesday on the large yield reports from the Pro Farmer Crop Tour.
The most active corn contract for December delivery lost 4.75 cents, or 1.28 percent, to close at 3.675 dollars per bushel. December wheat fell 8.5 cents, or 1.52 percent, to close at 5.5 dollars per bushel. November soybean lost 14.75 cents, or 1.40 percent, to close at 10.38 dollars per bushel.
The 2014 Pro Farmer Crop Tour, which kicking off on Monday, has found the Ohio soybean pod count to 23 percent above the 3 year average and 9 percent above last year, the South Dakota pod count to be 17 percent above the 3 year average and 17 percent above last year, the Indiana pod count to be 9 percent above the 3 year average and 3 percent above last year. The Illinois, Iowa and Minnesota data is awaited, but many are discussing the potential for 2014 US soybean yields to score a new record above 47 bushels per acre.
Funds had been active sellers with rains falling across some of the drier areas of the Midwest. Analysts believe that fund managers are giving up with their net long corn and soy positions heading into the end of summer.
The weekly enthol report, released by the U.S. Energy Information Administration(EIA), was deemed as slightly bearish. Weekly U.S. ethanol production for the week ending Aug. 15, was 937,000 barrels per day which is nearly 1 percent better than last week.
There is no truth that Ukraine will limit the amount of milling wheat that is available for export. Commercial sources denied such rumors which pushed wheat futures higher a day earlier.