Chicago Agriculture Commodities Finished Mixed
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) grains futures finished mixed Tuesday, as traders adjusted positions ahead of a monthly US government crop report.
The most active Corn contract for December delivery rose 2.25 cents, or 0.66%, to 3.455 bu.
December Wheat delivery added 3.5 cents, or 0.87%, to 4.0725 bu.
November Soybean fell 0.25 cents, or 0.03%, to 9.5425 bu.
All 3 agriculture grains markets were able to withstand pressure from weaker energy markets and a stronger USD, which tends to make US grains less attractive on the world market.
The Corn market was buoyed by evidence of ongoing demand for US supplies of the grain, with private exporters reporting export sales of 161,544 tonnes of Corn for delivery to unknown destinations during MY 2016-17. Solid figures for Corn inspected for export last week added to positive sentiment in the grain market.
Soybean prices fell, with nearby contracts dipping lower on expectations the USDA will raise its estimates for the US Soybean crop after favorable August weather boosted crop yields.
Agriculture analysts expect the USDA to peg output of the oilseed this year at a record 4.277-B bu, up from its September forecast for 4.201-B bu.
Later-dated Soybean contracts were supported by signs of ongoing demand, which will be necessary to help reduce the hefty crop stockpiles likely to result from a record-setting harvest this year.
Wheat drew support from technical buying including fund short-covering.
Latest posts by Paul Ebeling (see all)
- Poor Health is a Science - July 22, 2018
- Ferrari’s (NYSE:RACE) CEO Had Shoulder Surgery, Board Meets, He is Out FCA - July 22, 2018
- US Economy Not Harmed by President Trump’s International Trade Dust-ups - July 21, 2018