Chicago Agriculture Commodities Finished Lower

Chicago Agriculture Commodities Finished Lower

Chicago Agriculture Commodities Finished Lower

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) grains futures finished lower Tuesday, on expectations for big crops and rising grain supplies.

The most active Corn contract for December delivery was down 5 cents, or 1.56%, to 3.1575 bu.

December Wheat delivery fell 4.75 cents, or 1.2%, to 3.9225 bu.

November Soybean fell 13.5 cents, or 1.4%, to 9.5075 bu.

Soybean led the way South as improving US crop ratings fueled expectations for a bumper harvest. The US Department of Agriculture (USDA) late Monday rated 73% of the US Soybean crop as good to excellent, up from 72% the prior week and the highest for this time of year in USDA records dating to Y 1986.

US Corn ratings are strong as well, with the USDA rating 75% of the crop as good to excellent, unchanged from the prior week and the highest for this time of year since Y 1994.

Corn prices declined to a fresh 7-year low as some US farmers marketed a portion of last year’s crops ahead of what is expected to be a record Fall harvest.

Growers are off-loading some Corn to make room in grain bins for the upcoming harvest, which is expected to total a massive 15.2-B bu.

Despite the selling, US Corn inventories still are expected to rise to a 29-year high in the coming season.

Wheat prices fell to a fresh 10-year low after government data Monday showed the US Spring Wheat harvest advancing at a quicker clip than normal, with the new supplies expected to pile onto a glut of the grain both at home and abroad.

Stay tuned…

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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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