Chicago Agriculture Commodities Finished Higher
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) Corn, Wheat and Soybean finished higher for their 6th day running Wednesday, Soybean advanced more than 3%, climbing to highest settlement in about 2 years.
The most active Corn contract for Jul delivery added 3.50 cents, or 0.82%, to close at 4.3125 bu.
Jul Wheat delivery rose 10.50 cents, or 2.06%, to settle at 5.195 bu.
Jul Soybean advanced 36.50 cents, or 3.20%, to close at 11.7775 bu.
Agriculture analysts said that Corn and Soybean extended gains Wednesday on weather concerns as weather forecast showed hot weather in the US Midwest in the coming days, boosting expectations that hotter and drier weather may damage the nascent Corn and Soybean there.
Soybean advanced to its highest settlement since 27 June 2014, when the most active Soybean contract for November delivery closed at 12.28 bu, data showed Wednesday.
Fresh export sales also supported soybeans higher on Wednesday as the US Department of Agriculture (USDA) announced its 3rd successive export sales Wednesday morning, saying that private exporters reported export sales of 132,000 tonnes of Soybean for delivery to China during the MY 2016/2017. .
While the talks about rain may damage French Wheat have boosted a new round of fund technical buying of US Wheat, helping Wheat rallied Wednesday, according to analysts.
The USD slipped Vs most major currencies Wednesday, giving extra support to US agriculture commodities.
The US Energy Information Administration (EIA) said Wednesday that in the week ending 3 June, US production of Corn-based Ethanol production was 1,006,000 BPD, higher than previous week’s 960,000 BPD. The stocks of Ethanol were rated by EIA at 20,225,000 bbls, lower than the prior week’s number.