Chicago Agriculture Commodities Finished Lower

Chicago Agriculture Commodities Finished Lower

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture grains futures finished lower Wednesday in technically driven trade as investors squared positions toward the end of the year and the USD firmed.

The most active Corn contract for March delivery fell 6.75 cents, or 1.9%, to 3.4825  bu.

March wheat delivery dropped 8 cents, or 1.95%, to 4.015 bu.

January Soybean fell 7.75 cents, or 0.76%, to 10.165 bu.

In the outside markets, the Brent Crude market is + 0.34 bbl, the USD is higher, and the Dow Jones Industrials are 111 pts lower.

All 3 agriculture markets retreated after rising a day earlier due in part to worries about dry conditions stressing Corn and Soybean in portions of Argentina and northern Brazil.

A typical drop in trader participation between the Christmas and New Year’s Day holidays contributing to gyrations in agriculture grain prices this week.

A stronger USD added to Bearish sentiment, theoretically making US grains less attractive to holders of other currencies. The US Dollar (.DXY) ndex rose on concerns over next year’s Brexit negotiations and expectations of higher US economic growth.

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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