Chicago Agriculture Commodities Finished Mixed
$CORN, $WEAT, $SOYB
The most active Corn contract for March delivery rose 1.5 cents, or 0.43%, to 3.4975 bu.
March Wheat delivery added 3.25 cents, or 0.81%, to 4.0475 bu.
January Soybean fell 3.75 cents, or 0.37%, to 10.1275 bu.
In the Soy product markets, March Meal again had resistance against the 200-Day MA, while the March Soyoil closed under the 100-Day MA for the 1st time since September. Commodity fund traders were estimated sellers of 5,000 Soybean, 2,500 Soymeal, and 3,500 Soyoil contracts.
Planting progress in Argentina was estimated 84% complete by the Buenos Aires Grain Exchange. The Exchange maintains a total area planted estimate of 19.6-M hectares, which leaves 3.1-M left to be planted.
Planting progress is still slightly behind both last year and the 5 year average, but producers have maintained an average planting pace of just over 1.9-M hectares per week this year. With cooperating weather the MY 2016/17 planting season could be completed in the next 2 weeks.
The export sales report will be the highlight Friday, followed by very uneventful trading in the last day of the year.
US agriculture grain prices are giving back some of their gains from Tuesday.
Weather markets are famous for this action, and that is what the market is doing – keeping a close eye on the weather in South America. Year-end positioning is taking place in here.
Have a Happy New Year!