Chicago Agriculture Commodities Finished Higher
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished higher Tuesday, buoyed by widespread buying and investor short-covering ahead of a closely-watched crop report and results from the US Presidential election.
The most active Corn contract for December delivery rose 8 cents, or 2.31%, to 3.5425 bu.
December Wheat delivery added 5.25 cents, or 1.28%, to 4.1525 bu.
January Soybean rose 12.75 cents, or 1.28%, to 10.1125 bu.
Soybean prices swung higher for a 4th session running, tipping over the 10.00-a-bushel mark ahead of a monthly update on crop supplies and demand from the US Department of Agriculture due Wednesday.
Although federal forecasters are expected to raise estimates for US production and stockpiles of Oilseed, which is seen as negative for prices, agriculture analysts said some optimism that Hillary Clinton could win the US Pesidential election helped bolster the market as her positions are seen as more favorable for world trade than Donald Trump’s,
Traders were also adjusting positions ahead of the US Department of Agriculture’s (SDA) monthly supply/demand reports on Wednesday.
Agriculture analysts expect the government to raise its estimate of the record-large US Soybean harvest, but robust export demand has offset worries about the size of the crop.
Soybean and Corn futures drew support from potential weather threats to South American crops as the Southern Hemisphere growing season gets under way.
Wheat followed the firm trend. Funds hold a large net short position in CBOT Wheat futures, leaving the market open to bouts of short-covering.