Chicago Agriculture Commodities Finish Higher

Chicago Agriculture Commodities Finish Higher

Chicago Agriculture Commodities Finish Higher

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture grains futures finished higher Monday with Soybean futures firmed, supported by some concerns about rain in parts of Argentina curtailing crop production from the world’s 3rd largest exporter of Oilseed.

Wheat futures finished higher, with traders noting consolidation trade after prices firmed to their highest in nearly 3 months during the overnight trading session.

Corn futures were slightly lower.

The most active Corn contract for March delivery rose 2 cents, or 0.56%, to 3.6 bu.

March Wheat delivery rose 4 cents, or 0.95%, to 4.2725 bu.

January Soybean added 10.5 cents, or 1.06%, to 10.0525 bu.

Moves in all 3 agriculture commodities were muted as traders were reluctant to place aggressive bets ahead of Key US Department of Agriculture (USDA)reports on supply and demand Thursday.

Rains in central and northeastern Argentina threatened to flood soybean fields, but the latest forecasts called for improvements in the coming weeks, traders said.

The market also received support from better-than-expected weekly export inspections data, which provided some relief after a disappointing report on global demand for US supplies last week.

The USDA said Monday morning that soybean export inspections totaled 1.457-M tonnes in the latest reporting week, exceeding the high end of trade forecasts that ranged from 1.1 to 1.4-M tonnes.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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