Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture grains futures closed mixed Tuesday with Corn and Soybean prices falling on higher official crop estimates.

The most active Corn contract for December delivery dropped 6 cents, or 1.68%, to 3.515 bu.

December Wheat delivery rose 7.25 cents, or 1.67%, to 4.42 bu.

November Soybean fell 9.5 cents, or 0.99%, to 9.505 bu.

The US Department of Agriculture (USDA) Tuesday released its monthly report on domestic and world agricultural supply and demand. The USDA September crop report was deemed as Bearish as it adjusted the US Corn and Soybean yields upwards.

The USDA also pegged US MY 2017-2018 Corn stocks at 2.335-B bu compared with its August estimate of 2.27-B.

For Soybean, the US ending stocks are now estimated at 475-M bu, compared with the average analysts’ estimate of 442-M bu.

The US Wheat ending stocks were estimated at 933-M bu, the same as last month.

However, the USDA adjusted downwards its world Wheat ending stocks to 263.14-M tonnes. The new Wheat forecast pushed its futures higher, prompting a 1.69% increase.

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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