Chicago Agriculture Commodities Finished Higher Friday
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished higher Friday, boosted by light investment fund buying ahead of this week’s US Presidential election and US Department of Agriculture monthly supply and demand data.
The most active Corn contract for December delivery rose 0.75 cents, or 0.22%, to 3.4875 bu.
December Wheat delivery added 2.25 cents, or 0.55%, to 4.1425 bu.
January Soybean rose 1.25 cents, or 0.13%, to 9.9075 bu.
Corn and Soybean futures fell sharply on the week, despite Friday’s modest gains, while Wheat futures rose for the 1st time in 3 weeks. Traders were largely squaring their positions ahead of the US Presidential election Tuesday and USDA report due Wednesday.
Agriculture analysts expected the USDA to raise its forecast for US Soybean production to a new record high and slightly reduce its outlook for US Corn output.
Analysts also predicted the USDA would narrowly increase US Wheat ending stocks.
Soybean prices extended gains for a 2nd straight session, as speculative investors like hedge funds and others abandoned bets that prices would fall in the near term.
The moves came ahead of a US government report due out from the US Department of Agriculture next week that is widely expected to boost forecasts for US supplies of the Oilseed thanks to strong yields revealed during the Fall harvest.
Corn prices eked out slight gains as traders squared positions ahead of the crop report. Wheat prices improved, buoyed partly by concerns over dry conditions in regions of the US Midwest where winter varietals of the grain are grown.
Have a terrific week.