Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed

$SOYB, $WEAT, $CORN

Chicago Board of Trade (CBOT) agriculture grains futures finished higher Thursday with Wheat futures gaining 2% to a 7-month high after the US Department of Agriculture (USDA) increased its export forecast and showed smaller-than-expected global supplies in a monthly report.

Chicago Board of Trade Soybean futures turned lower and Corn prices held near an earlier seven-month peak in the wake of the USDA report in which the government also slashed its estimate for US Corn ending stocks and kept its US Soy supply forecast steady.

The most active Corn contract for March delivery fell 1.25 cents, or 0.34%, to 3.695 bu.

March Wheat delivery rose 11 cents, or 2.54%, to 4.435 bu.

March Soybean dropped 8.25 cents, or 0.78%, to 10.505 bu.

USDA raised its US Wheat export forecast by 50-M bu, citing a strong pace of US Wheat export shipments, which resulted in a reduction in ending stocks to 1.139-B bu, compared to analyst expectations for 1.186-B bu.

Wheat rose on short-covering, and Soybean eased as investors liquidated long bets.

USDA cut Argentine Soybean production to 55.5-M tonnes, down from 57.0-M in January but above the Rosario grain exchange estimate of 54.5-M tonnes Wednesday. USDA estimated Brazilian Soy output unchanged at 104-M tonnes, compared to a forecast from Brazil’s Conab earlier on Thursday for a record of 105.6-M

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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