Chicago Agricultural Commodities Down On Crop Yield Reports

Posted by: : Paul EbelingPosted on: August 21, 2014 Chicago Agricultural Commodities Down On Crop Yield Reports

Chicago Agricultural Commodities Down On Crop Yield Reports

Chicago agricultural commodities closed down Wednesday on the large yield reports from the Pro Farmer Crop Tour.

The most active Corn contract for Dec delivery lost 4.75 cents, or 1.28%, to close at 3.675 bu.

Dec Wheat fell 8.5 cents, or 1.52%, to close at 5.5 bu.

Nov Soybean lost 14.75 cents, or 1.40%, to close at 10.38 bu.

The 2014 Pro Farmer Crop Tour, which began Monday, found the Ohio Soybean pod count to 23% above the 3 yr average and 9% above last year, the South Dakota pod count to be 17% above the 3 yr average and 17% above last year, the Indiana pod count to be 9% above the 3 yr average and 3% above last year. The Illinois, Iowa and Minnesota data is not in yet, but many are discussing the potential for MY  2014 US Soybean yields to score a new record above 47 bu/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 Soybean positions heading into the end of Summer.

The weekly Enthol report, released by the US Energy Information Administration(EIA), was deemed as slightly Bearish. Weekly US Ethanol production for the week ending 15 August, was 937,000 BPD which is nearly 1% better than last week.

There is no truth to the rumor that Ukraine will limit the amount of milling wheat that is available for export. Commercial sources denied such rumors which pushed Wheat futures higher Tuesday.

Daily Commodity Futures Price Chart: Nov. 2014
Soybeans (CBOT)
TFC Commodity Charts

Untitled soybean nov 14

Stay tuned…

HeffX-LTN

Paul Ebeling

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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