Chicago Agriculture Commodities Finished Mixed
$SOYB, $CORN, $WEAT
Chicago Board of Trade (CBOT) grains futures finished mixed Monday, with US Soybean future + 2.8% to its highest in more than 3 weeks, supported by strong export demand and a rally in the Soybean Oil market.
The most active Corn contract for December delivery was up 4 cents, or 1.2%, to 3.37 bu.
September Wheat delivery fell 0.5 cents, or 0.12%, to 4.22 bu.
November Soybean rose 27.5 cents, or 2.8%, to 10.0925 bu.
Following a Friday USDA estimate of the largest US Corn crop and Soybean crops, the Corn and Soybean markets still found buyers. Commodities traders said short-covering and weather problems at the Gulf ports supported a Soybean rally.
Demand is the main driver, along with technical features. Gulf rains and a strong business book are bolstering some short-covering.
The gains in Soybeans pulled Corn higher, but Wheat closed lower as traders locked in profits from early gains amid ample global stockpiles.
Technical buying added to the gains in Corn. Commodities traders said Corn’s recovery from a 7-year low Friday and its higher close to end the week was a Bullish signal, indicating that the market had fully accounted for the government’s forecast for a record large US crop in the Autumn.