Chicago Agriculture Commodities Finished Mixed
$CORN, $SOYB, $WEAT
The most active Corn contract for December delivery rose 9.25 cents, or 2.75%, to 3.46 bu.
December Wheat delivery dropped 6.5 cents, or 1.62%, to 3.955 bu.
November Soybean rose 19 cents, or 1.99%, to 9.73 bu
The positive signals for corn demand came as asset managers plowed fresh capital into Corn and Soybean markets Monday, which marked the start of a new Quarter and an opening for some funds to deploy further capital into commodity markets, agriculture analysts said.
Traders are looking ahead to that report to see if the USDA continues to project a record-breaking Soybean crop as well, which could keep Soybean futures trading within the same roughly 0.50 range that they have covered over the past month.
The USDA last Friday said US Wheat stocks as of 1 September were the biggest since Y 1987, while Corn supplies were smaller than expected.
Monday, the USDA reported increases in export inspections for Corn and Soybean from the previous week, with a drop in Wheat.
Traders attributed some of Friday’s gains to fund managers closing out longer-standing bets that wheat prices would fall. Monday, Wheat futures’ decline represented what some said was the more fundamental picture facing the world’s most widely grown grain.
The world is saturated with wheat, a scenario which continues to encourage commodity-trading funds to bet against the contracts.
After agriculture commodities markets closed Monday, the USDA’s weekly update on US Crop progress estimated the Corn and Soybean harvest at 24 and 26% complete respectively as of Sunday, Vs analysts’ estimates ranging from 22 to 28% for Soybean and from 23 to 30% for Corn.
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