Chicago Agriculture Commodities Finished Higher Friday
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) grain futures rose for a 2nd straight session Friday after domestic Corn and Wheat crops slid to multiyear lows earlier during the week, with analysts expecting a correction to continue as the harvest progresses.
The most active Corn contract for December delivery was up 4.75 cents, or 1.47%, to 3.285 bu.
December Wheat delivery rose 4.5 cents, or 1.67%, to 3.9925 bu.
November Soybean rose 8.75 cents, or 0.93%, to 9.525 bu.
Corn futures closed higher for a 2nd session after 8 straight decliners left them at the lowest marks in almost 2 years, while Wheat contracts were trading at levels last seen 10 yrs ago.
A long Labor Day Holiday weekend and a new trading month also helped to stop the bleeding in commodities, though traders said the long-term futures outlook will depend on how the harvest shakes out this year.
Corn’s decline in Y 2014 came aid a record crop that is expected to be surpassed this year. However, grain production this year in South America has been less robust, helping to drive some export demand for US farmers.
Preliminary harvest reports so far this year are also showing Corn crops coming in at yields less than the 175 BPA (bushels per acre) that an influential US Department of Agriculture (USDA) survey estimated last month. The Corn harvest was projected to come in at a record 15.2-B bu.
Wheat futures have fallen to marks where farmers are likely to hold back on putting their crops out to market, as the value of government insurance price guarantees will be higher, agriculture grain traders said.
Have a terrific week