Chicago Agriculture Commodities Finished Mixed
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished mixed Thursday with Wheat futures rising more than 1.8% to their highest marks in nearly 6 weeks on a round of short-covering after weakening overnight.
Corn firmed, extending its winning streak to 5 days.
Strength in Wheat lent support to the grain while Soybean eased on profit taking.
The most active Corn contract for March delivery rose 1.5 cents, or 0.42%, to 3.6125 bu.
March Wheat delivery added 7.75 cents, or 1.85%, to 4.2625 bu.
January Soybean fell 2.75 cents, or 0.27%, to 10.125 bu.
Wheat posted its 4th day of gains in 5 sessions, a rally that has been driven by speculative buying despite a glut of supplies both globally and domestically.
Wheat found technical support after the benchmark Chicago Board of Trade (CBOT) March soft red Winter Wheat contract retreated to its 50-Day MA during the overnight trading session.
The Soybean market is weighing up forecasts for bumper harvests in South America against potential weather setbacks, including heavy rain that has disrupted late planting in Argentina.
Argentine farmers are expected to plant 19.3-M hectares with soybeans, the Buenos Aires Grains Exchange said Thursday, lowering its previous 19.6-M hectare estimate due to excessive dryness in southeast Buenos Aires province.
A falling USD, which makes US commodities more attractive to investors looking for a hedge against inflation, also helped Corn and Wheat. Wheat is typically the agriculture commodity most affected by USD fluctuations.