Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed


Chicago Board of Trade (CBOT) Corn extended gains Tuesday, Wheat declined for its 4th session running, and Soybean settled a bit higher.

The most active Corn contract for Jul delivery gained 6.50 cents, or 1.51%, to close at 4.365 bu.

Jul Wheat delivery fell 6.25 cents, or 1.27%, to settle at 4.85 bu.

Jul Soybean added 0.50 cents, or 0.04%, to close at 11.695 bu.

The US Department of Agriculture (USDA) said Tuesday morning that private exporters reported export sales of 136,000 tonnes of Corn for delivery to Japan and agriculture analysts noted that this fresh export news supported Corn’s price.

Additionally, the hot, dryer weather forecast in US Midwest Corn Belt continued to help Corn extend gains.

USDA also announced export sales of 110,000 tonnes of Soybean for delivery to unknown destinations.

In the weekly crop progress report released Monday after the market closed, USDA rated 75% of Corn at good or excellent condition till week of 12 June, unchanged from the prior week, but 2% lower than previous year.

USDA said in the report that Soybean was 74% good or excellent, 2% higher than previous week and 7% higher than previous year.

As for the Wheat, USDA said that Winter Wheat harvest 11%, Winter Wheat condition was 61% of good to excellent, higher than prior week and previous year.

USDA rated 79% of Spring Wheat at good to excellent condition, unchanged from last week, and 9% higher than previous year. Agriculture analysts noted that these numbers boosted expectation of ample Wheat supply, pressing Wheat lower Tuesday.

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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