Chicago Agriculture Commodities Finished Lower

Chicago Agriculture Commodities Finished Lower

Chicago Agriculture Commodities Finished Lower

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) Corn, Wheat and Soybeans all finished lower Wednesday.

The most active Corn contract for July delivery lost 7.50 cents, or 1.72%, to close at 4.29 bu.

Jul Wheat delivery fell 7.50 cents, or 1.55%, to settle at 4.775 bu.

Jul Soybean declined 13.50 cents, or 1.15%, to close at 11.56 bu.

Agriculture analysts noted that Corn, Soybean retreated as weather forecast favored beneficial rains in the coming 2 days in part of US Midwest, easing concerns about hot and dry weather may dent the progress of Corn and Soybean there.

The US Energy Information Administration (EIA) said Wednesday that till the week of 10 June, US production of Corn-based Ethanol production was 1,013,000 BPD, higher than previous week’s 1,006,000 BPD. The stocks of Ethanol were rated by EIA at 21,182,000 bbl, lower than prior week’s numbers.

As for the Wheat, some agriculture analysts noted that Wheat fell for the 4th day running, as Winter Wheat harvest continued in the US Midwest, boosting expectations that more Wheat will be supplied in the near future.

The US Department of Agriculture (USDA) said Monday after the market closed that the Winter Wheat harvest condition was 61% good to excellent, higher than previous week and previous year.

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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