Chicago Agriculture Commodities Finished Higher Monday
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) Corn, Wheat and Soybean finished higher Monday, as funds added buying in grains, soybeans, despite improving weather and excessive supplies in cash markets.
Chicago Corn led the gains as the most active Corn contract for July delivery added 6.5 cents, or 1.66%, to close at 3.8175 bu.
Soybean for July delivery gained 13.5 cents, or 1.36%, to close at 10.0975 bu.
July Wheat delivery rose 3.75 cent, or 0.79%, to close at 4.7775 bu.
Participants went bargain hunting in agriculture commodity markets Monday after CBOT grains and Soybean closed sharply lower last Friday on profit taking, and as improving weather and Soybean production estimates from Argentina were higher than expected.
Traders reported notable fund related buying in Corn, Soybean and Meal, drove prices North. “Funds came at the market from the opening day trade bell with corn, soybeans and wheat all sharply higher at midday,” said a Chicago-based agriculture research institute,” Funds have shown demand in wheat, but at diminished purchase pace when compared to the summer row crops.”
US grains and Soybean also found support as the US weekly export inspections released by the US Department of Agriculture (USDA) Monday showed that shipments of Corn, and Soybean through the week ending 7 April were in line with trade expectations.
For their respective crop YTD, the US Corn shipments were down about 13.5% from a year ago, but the shortfall is over 3% lower compared to a month ago.
As for Wheat, the US exports fell by more than 13% from last MY, and the drop is about 1% higher than a month ago, Soybean shipments were down about 7% from last year, according to the USDA.