Chicago Agriculture Commodities Finished Lower

Chicago Agriculture Commodities Finished Lower

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture grains futures finished lower Thursday with Soybean posting the biggest single-day loss since last August.

The most active Corn contract for July delivery fell 5.5 cents, or 1.48%, to 3.66 bu.

July Wheat delivery was down 1.25 cents, or 0.29%, to close at 4.2575 bu.

July Soybean slumped by 31 cent, or 3.18%, to 9.4475 bu.

US Soybean futures fell sharply as Brazil’s currency lost nearly 7% to 3.35 as of 1530 GMT Thursday.

The plunge took place after the biggest newspaper in Brazil claimed that President Michel Temer was caught on tape authorizing bribes for a potential witness to remain silent in a graft probe. This report has led to a sudden political turmoil in the country.

Brazil has recorded this year its largest-ever Soybean harvest, estimated by the US Department of Agriculture (USDA) at 111.6-M tonnes. Brazilian farmers who had sold only about 50% of it by early May will probably hurry up now with large sales due to decline in their currency, thus putting heavy pressure on US Soybean.

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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