Chicago Agriculture Commodities Finished Higher Friday

Chicago Agriculture Commodities Finished Higher Friday


Chicago Board of Trade (CBOT) Corn, Wheat and Soybean all finished higher Friday, as strong export demand offset supply pressure linked to bumper harvest prospects.

The most active Corn contract for December delivery was up 3.25 cents, or 0.98%, to 3.3425 bu.

Sept Wheat delivery rose 12.75 cents, or 3.16%, to 4.16%.

November Soybeans was up 17.75 cents, or 1.86%, to 9.745 bu.

Soybean futures led the gains after the US Department of Agriculture (USDA) reported that exporters had struck deals to sell 498,000 tonnes of US Soybean to top importer China for delivery in the marketing year that starts on 1 September.

Wheat and Corn climbed higher after falling to multi-year lows on ample supplies.

Analytical firm Informa Economics Friday predicted the Fall Corn harvest will reach 14.694-B bu, with a yield of 169.8 bu per acre. The company pegged the Soybean harvest at 3.958-B bu, with a yield of 47.7 bu per acre.

That topped the USDA July estimate that put the Corn crop at 14.540-B bu, with a yield of 168.0 bu per acre, and the Soybean harvest at 3.880-B bu and a yield of 46.7 bu per acre.

The USDA is set to update its agriculture crop estimates this week.

Have a terrific week.

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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