Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed

$SOYB, $CORN, $WEAT

Chicago Board of Trade (CBOT) grains futures finished mixed Wednesday, with Soybean futures down on favorable crop weather and profit-taking after a 5-session advance that was driven by resurgent export demand.

Corn futures firmed, gaining Vs Soybean ahead of a Key US government crop report out Friday, Wheat futures rose on hopes for fresh export business.

The most active Corn contract for December delivery was up 0.5 cents, or 0.15%, to 3.33 bu.

September Wheat delivery rose 4.75 cents, or 1.14%, to 4.2175 bu.

November Soybean fell 5.75 cents, or 0.58%, to 9.8225 bu.

Soybeans fell on forecasts that added beneficial rains for the US Midwest this week and later in the month as the crop continues to set pods.

Additional pressure stemmed from traders unwinding Long Soy/Short Corn spread positions. Soybean has gained Vs Corn in recent days in response to stepped-up export demand.

The US Department of Agriculture (USDA) through its daily reporting system confirmed sales of US Soybean in each of the previous 10 trading sessions, although no new Soybean sales were reported on Wednesday.

Corn futures firmed but remained range bound as traders awaited the USDA’s monthly supply/demand reports Friday, including the government’s 1st Corn and Soybean yield estimates based on field surveys.

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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