Chicago Agriculture Commodities Finished Lower

Chicago Agriculture Commodities Finished Lower

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture commodities finished lower Friday in Wheat and Soybean on favorable weather conditions.

The most active Corn contract for March delivery fell 0.25c, or 0.07% to settle at 3.615 bu.

March Wheat delivery went down 4.25c, or 0.94% to close at 4.4675 bu.

March Soybean lost 6.25c, or 0.63% to settle at 9.7875 bu.

CBOT brokers reported that funds sold 6,500 contracts of Soybean, 3,000 contracts of Wheat and 2,600 contracts of Corn.

Rainfall is expected this weekend in southwestern Argentina, according to weather forecasts. Market observers said that increased rain showers could ease the drought in the country’s Corn and Soybean growing areas, which drove CBOT selling Friday.

CBOT Wheat futures also fell on forecasts for snow early next week in the US plains, which will offer a protection layer for Winter Wheat plants to resist winter chill.

US farmers have reportedly sold aggressively on the rally in CBOT prices early last week while many South American farmers have taken a wait-and-see approach.

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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