Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed

$SOY, $CORN, $WEAT

Chicago Board of Trade (CBOT) grains futures closed mixed Tuesday, with Soybean rising for a 5th straight session, while Corn futures fell slightly.

The most active Corn contract for December delivery was down 2.25 cents, or 0.67%, to 3.325 bu.

September Wheat delivery was unchanged at 4.17 dollars per bu.

November Soybean was up 3 cents, or 0.3%, to 9.88 bu.

Agriculture analysts said export demand for US Soybean supplies and supply concerns continues to support prices.

“The market’s optimism for strong US export demand was bolstered after the USDA reported yet another large sale of beans to China,” said Tobin Gorey, director of agricultural strategy, Commonwealth Bank of Australia.

The USDA pegged 72% of the Soybean crop at good to excellent, unchanged from a week earlier and matching analysts’ expectations.

USDA said 74% of the Corn crop was rated good to excellent, below market expectations of 75% good to excellent.

Market attention is turning to the next USDA report Friday. The government is broadly expected to increase its US Corn and Soybean production forecasts.

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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