Chicago Agriculture Commodities Finished Higher
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished higher Wednesday, recovering from weakness in the overnight trading session on a round of technical buying.
Corn futures staked out a fresh top, peaking at its highest since 30 June, while Wheat was trending near the 7.5 month high it marked earlier this week.
Soybean bounce up from 2 days of decliners that wiped out 1.3% of the most-active contract’s value, attracting bargain hunters. A Bullish report on monthly crushings added strength to the Soy complex.
Buying by investment funds Keyed the rebound from the overnight fall.
The most active Corn contract for March delivery rose 4.5 cents, or 1.2%, to 3.7875 bu.
March Wheat delivery rose 5.25 cents, or 1.17%, to 4.5475 bu.
March Soybean added 16.25 cents, or 1.56%, to 10.6125 bu.
Traders have grown comfortable with the expectations for a bumper crop in South America and were waiting to see how weather for the US planting season would progress during the next 2 months before locking in profits from the recent rally.
Note: there are forecasts for some big rains in the next few days and into the weekend in Argentina. Some areas could get another 6 to 8 ins, so flood fears are out there. The Brazil harvest is moving forward, but the producer is still not selling very much. The Real is now over 32.5 cents and at the beginning of December it was down near 28 cents.
US Soybean processors ramped up their pace of crushing above market forecasts last month, notching the 3rd busiest January on record, according to the National Oilseed Processors Association’s monthly report. NOPA said that its members crushed 160.621-M bu during January, up from 160.176-M bu in December.