Chicago Agriculture Commodities Finished Higher
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished higher Monday with Soybean futures climbing more than 2%, led by strength in Asian Oilseed markets and stronger-than-expected weekly export data.
Corn and Wheat futures were also higher but trailed the advances in Soybean.
The most active Corn contract for December delivery rose 4.25 cents, or 1.23%, to 3.4975 bu.
March Wheat delivery added 1.75 cents, or 0.41%, to 4.27 bu.
January Soybean rose 26.5 cents, or 2.67%, to 10.2025 bu.
Soybean got an early boost from strength in Soy futures on Asian Oilseed markets.
Additional support stemmed from the US Department of Agriculture (USDA) reporting export inspections of US Soybean in the latest week at more than 2.6-M tonnes, topping a range of trade expectations for 1.7 to 2.0 tonnes.
A pause in the USD’s rally lent support to the broader commodities sector.
The US Dollar (.DXY) Index eased from last week’s 13.5 year high as Treasury yields nudged lower, bolstering Crude Oil, Copper and Gold.
Corn prices climbed to a 2-week high, shored up further by moves in outside markets as well as speculation that US farmers will plant 5 to 7% fewer Corn acres next spring, which could help draw down large grain stockpiles.
Wheat drew support from expectations of reduced US plantings and risks to crops from dry weather.