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 Soybean all retreated and finished lower Thursday.

The most active Corn contract for December delivery shed 5 cents, or 1.35%, to 3.6475 bu.

September Wheat delivery was down by 5.75 cents, or 1.31%, to 4.34 bu.

Nov Soybean declined 43 cents, or 3.89%, to 10.6225 bu.

The mid-day weather forecast favored cooler and wetter weather in some Corn and Soybean areas in US Midwest and North Plains.

Agriculture analysts noted traders are closely monitoring the weather model and the wetter weather forecast has eased some worries that adverse weather may dent the progress of Corn and Soybean, boosting expectations of ampler supplies and weighing on Corn and Soybean  Thursday.

Corn and Soybean futures had declined 2 consecutive trading days on hotter and drier weather forecast before Thursday.

Wheat futures followed Corn and Soybean lower, while an official report also showed Bearish Wheat export sales Thursday as the US Department of Agriculture (USDA) rated Wheat net sales till week of 7 July at 317,700 tonnes for MY 2016/2017,-62% from the prior week and 53% from the prior 4-wk average.

The USDA pegged Corn net sales at 667,800 tonnes for MY 2015/2016, +81% from the prior week and +2% from the prior 4-wk average.

For Soybeans, the USDA said in its weekly export sales report that net sales of 364,200 tonnes for MY 2015/2016 were -43% from the prior week and -49% from the prior 4-wk average.

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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