Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed

$SOYB, $CORN, $WEAT

Chicago Board of Trade (CBOT) agriculture grains futures finished mixed Monday with Soybean futures rising nearly 1% while Corn and Wheat falling due to caution ahead of Tuesday’s US Elections and a Key USDA supply-demand report.

The most active Corn contract for December delivery fell 2.5 cents, or 0.72%, to 3.4625 bu.

December Wheat delivery dropped 4.25 cents, or 1.03%, to 4.1 bu.

January Soybean rose 7.75 cents, or 0.78%, to 9.985 bu.

Prices for Soybean rallied for a 3rd day running, buoyed by an announcement by the US Department of Agriculture that private exporters had booked sales of 132,000 tonnes of soybeans for delivery to China in MY  2016-17.

The sale offered proof that overseas buyers are continuing to snap up US Soybean at a brisk pace, helping soothe concerns over demand for the huge crop being brought in from US fields.

With the harvest of record-large US Soybean and Corn crops nearly complete, many investors were waiting to see if demand would help draw down the big supplies.

Gains in the USD against a basket of currencies made US goods comparatively more expensive in global markets and weighed on Wheat and Corn prices. Wheat has been struggling to compete in export markets due to cheaper supplies and freight costs on offer out of Russia and eastern Europe.

Still, anticipation that the government will slightly trim its outlook for US Corn output capped losses in that market.

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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