Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed

$SOYB, $WEAT, $CORN

Chicago Board of Trade (CBOT) grains futures finished mixed Tuesday, with Soybean prices falling as an accelerating US harvest shifted attention back toward the prospect of record production, Corn edged higher, Wheat prices unchanged.

The most active Corn contract for Dec delivery rose 2.25 cents, or 0.65%, to 3.4825 bu.

Dec Wheat delivery stayed unchanged at 3.955 bu.

Nov Soybean fell 9.5 cents, or 0.98%, to 9.635 bu.

Corn edged higher, supported by Short-covering in spread trades Vs Soybeans, Wheat finished flat, held in check by technical selling and ample US supplies.

The US Soybean harvest was 26% complete as of Sunday, ahead of the trade estimates’ average of 25%, but behind the 5-year average of 27%, the US Department of Agriculture (USDA) said after the market close Monday.

USDA also said 74% of US Soybeans were in good or excellent shape, + 1% from a week ago.

Soybean faced pressure from favorable overnight rains in northern Brazil, where planting is underway.

US Soybean export prospects were boosted by news that Argentina will not reduce export taxes this year or next as previously promised.

USDA said the US Corn harvest was 24% complete by Sunday, behind the agriculture analysts’ estimates’ average of 25% and the 5-year average of 27%. It said the US Winter Wheat crop was 43% planted, behind the 5-year average of 45% and analysts’ average expectation of 47%.

Stay tuned…

 

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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