Chicago Agriculture Commodities Finished Lower Friday

Chicago Agriculture Commodities Finished Lower Friday

Chicago Agriculture Commodities Finished Lower Friday

$WEAT, $CORN, $SOYB

Chicago Board of Trade (CBOT) grains futures finished lower Friday, with Wheat falling to decade low, pressured by ample supplies and technical selling.

Corn and Soybean prices also fell as traders awaited final harvest projections from the Pro Farmer tour, which last week trekked across major Midwest growing regions to size up the region’s crops.

The most active Corn contract for December delivery was down 7 cents, or 2.11%, to 3.25 bu.

December Wheat delivery fell 16.25 cents, or 3.83%, to 4.075 bu.

November Soybean fell 8.25 cents, or 0.85%, to 9.6725 bu.

Technical selling and grain handlers’ efforts to move US Winter Wheat supplies to buyers ahead of the Corn harvest pressured Wheat prices, agriculture grain traders said.

Global supplies are abundant as well (glut). The International Grains Council Thursday raised its forecast for world Wheat production in the MY 2016-17 to a record high.

After the close, the Pro Farmer advisory service reported results of its 4-day tour of the US Midwest.

It predicted that US average Corn yields in Y 2016 will be 170.2 BPA (bushels per acre), or enough to produce a record-large 14.728-B bu crop. Soybean production was seen at a record 4.093-B bu, based on an average yield of 49.3 BPA, Pro Farmer said.

Have a terrific week.

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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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