Chicago Agricultural Commodities Market Closed Mixed

Posted by: : Paul EbelingPosted on: April 25, 2014 Chicago Agricultural Commodities Market Closed Mixed

Chicago Agricultural Commodities Market Closed Mixed

Chicago agricultural commodities futures market finished mixed Thursday, with Corn falling, and Wheat and Soybean rising.

The most active Corn contract for Jul delivery dropped 2.25 cents, or 0.44%, to close at 5.0725 bu.

Jul Wheat gained 13.75 cents, or 2.01%, to close at 6.965 bu.

Jul Soybean  rose 5.25 cents, or 0.36%, to close at 14.7 bu.

US weekly export sales report for the week ending 17 April was disappointing for Soybean, Corn and Soyoil.

US sold 12.5-M Bu of old-crop Wheat and 10-M bu of the new-crop Wheat, it also exported 24.4-M bu of Corn and 800 tonnes of old-crop Soybean, a marketing year low, + 4.3-M bu of the new-crop Soybean.

China has been much less active in new-crop Soybean purchases from the United States due to negative crush margins.

Wheat posted strong growth Thursday as the Russia-Ukraine tension kept escalating.

Canada put its Y 2014 Wheat seeding at 24.8-M acres (about 10-M  hectares), down 1.2-M acres from last year. This lent support to Wheat.

Canadian Soybean seeding estimate rose to a new record high of 5.3-M acres, + 800,000 acres from last year. It is expected to produce 210-M bu of Soybean this year, and US  Soybean imports from Canada are likely to be between 30-35-M bu in MY2014-2015.

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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