Chicago Agriculture Commodities Finished Lower

Chicago Agriculture Commodities Finished Lower

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture commodities finished lower Wednesday, as investors squared positions ahead of a monthly US Department of Agriculture (USDA) crop report due Thursday.

The most active Corn contract for May delivery fell 1c, or 0.26% to close at 3.8725 bu.

May Wheat delivery dropped 9.75c, or 1.92% to close at 4.9725 bu.

May Soybean went down 9.5c, or 0.88% to close at 10.6525 bu.

CBOT brokers report that funds Wednesday are flat in Wheat, while buying 3,100 contracts of cCorn and selling 3,400 contracts of Soybean. In Soy products, funds have sold 2,600 contracts of Soymeal and 1,800 contracts of Soyoil.

As for international market, Russia and Kazakhstan have signed a Wheat supply agreement with Iran which includes the monthly purchase of 100,000 tonnes of Wheat.

Iran is estimated to face a supply shortfall this year of 2-2.5-M tonnes of Wheat, and this agreement will help them manage supplies or imports

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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