Chicago Agriculture Commodities Finished Higher
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) Corn, Wheat and Soybean all extended gains Wednesday as weather forecast put hotter and drier weather in Key Corn and Soybean fields in US Midwest.
The most active Corn contract for December delivery gained 9.50 cents, or 2.64%, to 3.6975 bu.
Sept Wheat delivery was up 1.25 cents, or 0.29%, to 4.3975 bu.
Nov Soybean added 18.25 cents, or 1.68%, to 11.0525 bu.
The US Energy Information Administration (EIA) released its weekly Ethanol production report and its weekly Ethanol stock report Wednesday.
According to the production report, EIA pegged Corn-based fuel Ethanol production till week of 8 July at 1,004,000 bbl, up from prior week’s 984,000 bbl.
EIA rated Ethanol stocks at 21,131,000 bbl during the same timeframe, which were down by 426,000 BPD from prior week.
Analysts noted that these reports supported Corn futures higher as they showed more Corn will be consumed for the Ethanol.
The weather forecast put hotter and drier weather in Key Corn and Soybean areas in the US Midwest next week, analysts noted that dry weather may hurt the development of Corn and Soybean there, extending additional support on Corn and Soybean Wednesday.
Some agriculture analysts noted that Wheat followed Corn and Soybean and settled higher.