Chicago Agriculture Commodities Fall Following Russian Imports Ban

Posted by: : Paul EbelingPosted on: August 8, 2014 Chicago Agriculture Commodities Fall Following Russian Imports Ban

Chicago Agriculture Commodities Fall Following Russian Imports Ban

Chicago agricultural commodities closed lower Thursday, participants shrugged off the possibility that the renewed conflict between Russia and the West would disrupt exports from the Black Sea region.

The most active Corn contract for Dec delivery fell 3 cents, or 0.80%, to 3.7125 bu.

The Soybean contract for Nov delivery dropped 2 cents, or 0.19%, to 10.78 bu.

Wheat for September delivery shed 6.5 cents, or 1.14%, to 5.615 bu.

Russian Prime Minister Dmitry Medvedev said Thursday that Russia is imposing a ban on food imports from the EU, and the US in retaliation for their sanctions against Moscow over its role in the Ukraine crisis.

Corn, Wheat, and Soybeans fell across the board Thursday as traders, digesting Russia’s anti-sanction move, dismissed the possibility that the West would impose sanction on Black Sea grain imports to countries that need food, such as Egypt and many in the North Africa.

The US export sales through the week ending 31 July were in line with market expectations, with Wheat export sales standing at 21.7-M bu, Soybean at 40.6-M bu,  and Corn at 34.7-M bu.

With the crop-friendly weather forecast unchanged, a bumper harvest is expected, unless dryness or freezing weather hits the Southern Hemisphere in September.

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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