Chicago Agricultural Commodities Up On Short Covering

Posted by: : Paul EbelingPosted on: July 24, 2014 Chicago Agricultural Commodities Up On Short Covering

Chicago Agricultural Commodities Up On Short Covering

Chicago agricultural commodities rose Wednesday, as modest short covering,  forecasts for dry weather provided support.

The most active Corn contract for Dec delivery rose 2.5 cents, or 0.68%, to 3.7075 bu.

Nov Soybean rose 18.75 cents, or 1.77%, to 10.765 bu.

Sept Wheat rose 6.25 cents, or 1.19%, to 5.3075 bu.

Soybean contract for Aug delivery led the gains on tightening cash supplies in Aug and early Sept crops.

Corn and Wheat trading volume was thin with modest short covering after forecasts showed less rain in August across the Midwest.

Transportation costs in the United States doubled in the past 10 days. Many feared that rising costs would hurt US export competitiveness, as Black Sea Corn price for October and November is 0.50 bu cheaper than that of the US Corn.

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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