Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture commodities finished mixed Wednesday with Wheat futures rising more than 3% on Short covering ahead of a government report on crop stocks.

The US Department of Agriculture (USDA) will release the monthly report of World Agricultural Supply and Demand Estimates Thursday.

There exists technical buying in the Corn and Wheat market, as investors are anticipating lower stocks on both Corn and Wheat data sets, analysts said.

The most active Corn contract for March delivery rose 1.75c, or 0.48% to close at 3.6525 bu.

March Wheat delivery went up 14.25c, or 3.19% to close at 4.605 bu.

March Soybean fell 3.25c, or 0.33% to close at 9.83 bu.

CBOT brokers report that funds have bought 1,700 contracts of Soybean, 3,500 contracts of Corn, and 2,200 contracts of Wheat. In soy products, funds have bought 2,500 contracts of Soymeal and sold 3,700 contracts of Soybean Oil.

As for international market, dry and hot weather occurred across Argentina and south Brazil Tuesday. Weather forecast shows another 1-2 days of heat and dryness across Argentina before showers arrive during late Friday and linger into the weekend.

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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