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 Monday, with futures prices for Soybean up on robust demand for US supplies and sharply higher prices for a vegetable oil made from the crop.

Wheat futures firmed on fund short-covering while Corn fell.

The most active Corn contract for December delivery fell 0.25 cents, or 0.07%, to 3.54 bu.

December Wheat delivery added 2.75 cents, or 0.65%, to 4.2375 bu.

November Soybean rose 15.75 cents, or 1.64%, to 9.7825 bu.

Proof of ongoing strong demand for the Oilseeds also buoyed the market, agriculture analysts said, with the US Department of Agriculture reporting that 92.2-M bu of Soybean were inspected for export in the week ended 13 October, which was the highest in a year.

Soybean drew another support as the December Malaysian palm oil contract surged more than 4%, partly on forecasts of weaker production growth for the month of October.

Corn futures turned lower, retreating from early advances after the spot December contract failed to match Friday’s 1.5 month high of 3.5875 bu.

Farmer selling played a role as the US harvest continued. Farmers have been reluctant sellers of Corn this Autumn, opting to store much of the crop and hold out for higher prices. But some growers have been taking advantage of a roughly 0.30 rally in the December futures contract since 30 September.

Wheat futures firmed for a 3rd session running on technical buying, including fund-driven short-covering and a pick-up in global Wheat export business.

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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