Chicago Agricultural Commodities Finish Lower Across The Board

Posted by: : Paul EbelingPosted on: July 9, 2014 Chicago Agricultural Commodities Finish Lower Across The Board

Chicago Agricultural Commodities Finish Lower Across The Board

Chicago agricultural commodities continued to fal Tuesday, led by Soybean.

The most active Corn contract for Dec delivery dropped 2 cents, or 0.49%, to close at 4.0425 bu.

Sept Wheat lost 0.5 cents, or 0.09%, to close at 5. 5625 bu.

Nov Soybeans fell 9.25 cents, or 0. 82%, to close at 11.1625 bu.

For the 1st time since Y 2003, some market analysts believe that US Department of Agriculture (USDA) may raise its Corn estimate. Favorable weather in Central US so far this year may have US Corn yield raised by 3 bu per acre to 168.3 bu.

The market is digesting the good crop and good weather news and waiting to confirm yield trends. Analysts predict that this could produce uneventful trading in late August for Corn and Soybean.

Soybean prices have fallen below the Mar lows, which triggered long-term sell signals. US  farmers are giving up Bullish prospects and clearing their stores of any old crop bean.

Latin America sold South Korea 60,000 tonnes of Soymeal at prices well below US Gulf price.

Historically in years of record or near record US Corn and Soybean yields, grains prices do not reach their lows until November or December, according to the data.

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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