Chicago Agriculture Commodities Finished Lower

Chicago Agriculture Commodities Finished Lower

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture grains futures finished lower Tuesday: selling picked up in agriculture markets on generous crop supplies.

The most active Corn contract for December delivery fell 5.75 cents, or 1.62, to 3.49 bu.

December Wheat delivery dropped 2 cents, or 0.48%, to 4.1425 bu,

January Soybean fell 18.5 cents, or 1.83%, to 9.9325 bu.

Soybean prices led the declines, sliding back below the psych mark significant 10 per bushel level thanks to lower prices for products made from the crop and speculation the government could boost its forecast for US Production.

Lower prices for Soybean meal and Soyoil also pressured the Soybean market.

Prices for Soyoil, which is used in cooking and fuel, have been declining since notching a more than 2-year high last week. Prices for Soybean meal, an animal feed ingredient, fell 2.1% Tuesday.

Corn prices declined for a 3rd session running, as the US harvest advanced, with just 25% of the crop left to be collected, according to the government. Federal forecasters have predicted farmers will reap a record US Corn crop this year, which is expected to add to the largest global grain supplies ever this season.

Wheat futures fell on ample supplies and lackluster export demand. But the market had underlying support from the fact that commodity funds already hold a large net Short Position in CBOT Wheat, leaving it vulnerable to bouts of short-covering.

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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