Chicago Agriculture Commodities Finished Higher Friday
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) grains futures finished higher Friday, drive by investor Short covering and concerns over US harvest delays.
The most active Corn contract for December delivery rose 7 cents, or 2.12%, to 3.37 bu.
December Wheat delivery rose 3.75 cents, or 0.94%, to 4.0325 bu.
November Soybean added 15.5 cents, or 1.63%, to 9.66 dollars per bushel.
Soybean prices led the gains, rising after heavy rains doused the western Midwest overnight, with wet weather moving eastward and threatening to slow harvest progress in coming weeks.
Forecasts call for scattered showers to continue in the Farm Belt for the next 6 to 10 days, which could prevent some growers from running harvesting combines through fields to collect their crops.
A sharp rally in futures prices for Sugar on Friday also boosted Soybean markets, an agriculture analyst said, as did Short covering by investors who were closing out of Bearish bets on the Soybean market amid uncertainty over US harvest progress.
The US Corn harvest was 5% complete Sunday, the US Department of Agriculture said, slightly behind the 5-year average of 7%.
Some Short-covering ahead of the weekend added support to corn, soybeans and wheat.
Data from the US Commodity Futures Trading Commission (CFTC) showed funds held large net short positions in CBOT Corn and Wheat as of 6 September, leaving those markets vulnerable to bouts of short-covering. The CFTC released updated commitments data late Friday.
On the week, corn and soybean futures fell 1.4%, with the US government’s forecasts for record harvests this fall casting a Bearish tone over the market.
Wheat prices advanced, supported by gains in nearby Corn and Soybean markets as well as Short-covering by investors.
Prices for the grain have recently been trading near 10-year lows due to ample domestic and world supplies, and some investors likely determined that prices have dropped low enough for now
Have a terrific week.