Chicago Agriculture Commodities Finished Mixed
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished mixed Monday with wheat futures rallying for the 5th day running as investment funds continue to add the grain to their portfolio despite ample global supplies.
Corn futures also firmed on a technical bounce and signs of strong demand for US supplies.
But Soybean eased, weighed down by improving conditions for growth in South America that fueled expectations for a massive harvest in Key exporters Argentina and Brazil.
The most active corn contract for March delivery rise 1 cents, or 0.27%, to 3.755 bu.
March wheat delivery rose 3.25 cents, or 0.72%, to 4.5225 bu.
March soybean dropped 4.75 cents, or 0.45%, to 10.5425 bu.
Wheat’s 5-session winning streak is the longest in 2 months.
The Australian Bureau of Agriculture, Resource Economics and Rural Sciences said the country’s 2016/17 Wheat harvest was a record 35.13-M tonnes.
The US Agriculture Department(USDA) Monday morning reported weekly Corn export inspections of 1.256-M tonnes, up from 1.124-M tonnes a week ago. The weekly total topped trade forecasts for 900,000 to 1.1-M tonnes.
USDA also said private exporters reported a flash sale of 101,600 tonnes of Corn to unknown destinations for delivery during MY 2016/17.
Gains were kept in check by plentiful stocks, both domestically and globally.