Chicago Agricultural Commodities Rise

Posted by: : Paul EbelingPosted on: August 15, 2014 Chicago Agricultural Commodities Rise

Chicago Agricultural Commodities Rise

Chicago agricultural commodities settled up Thursday on short covering.

The most active Corn contract for Dec delivery rose 3.75 cents, or 1.01%, to close at 3.735 bu.

The most active Soybean contract for Nov delivery rose 9.25 cents, or 0.88% to close at 10.56 bu.

The most active Wheat contract for Sept delivery rose 9.25 cents, or 1.75%, to close at 5.3725 bu.

Expiring old crop Aug Soybean has been exciting with strong rallies posted in early trade Thursday on a lack of deliveries and surging spot old crop cash bids. The Aug rally has sparked some short covering in the new crop Soybean futures.

Short covering is noted in Corn and Wheat with old crop producers selling on the rally.

With Midwest rains slated to start falling, analysts are advising traders to sell now as a big crop gets bigger and world demand for US grain and Soybean are falling.

US weekly export sales through the week ending 7 August were Neutral to slightly disappointing.

US Wheat export sales were 12. 4-M bu.  US Soybean export sales were 42-M bu, and US Corn export sales being 26.2-M bu.

US crop YTD Wheat sales are down 126.7-M bu from last year, while the US Corn sale pace is slowing due to cheaper FOB offers from Latin America and the Black Sea.

Stay tuned…

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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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