Chicago Agriculture Commodities Finished Mixed Friday

Chicago Agriculture Commodities Finished Mixed Friday


Chicago Board of Trade (CBOT) agriculture grains futures finished mixed Friday with Soybean futures firming, as a fresh export deal highlighted the robust overseas demand for the oil-seed and also supported by lingering concerns about dry conditions in Argentina.

The most active Corn contract for March delivery fell 0.25 cents, or 0.07%, to 3.5625 bu.

March Wheat delivery stayed unchanged at 4.0925 bu.

January Soybean added 4.25 cents, or 0.41%, to 10.2375 bu.

Soybean futures settled higher for the 2nd session running, reflecting uncertainty over growing conditions in Argentina, a major US rival for soybean production and export.

Parts of the country have been beset by dry weather, which has sown concerns over reduced crop production there, though forecasts call for rainfall next week that could boost the health of newly-planted crops. If precipitation does not materialize, however, agriculture analysts said prices for the oil-seeds could swing sharply higher.

Prices for the oil-seeds also benefited from positive demand signals.

The US Department of Agriculture Friday said private exporters had sold 205,000 tonnes of Soybean for delivery to unknown destinations during the MY 2016-17, adding to optimism over a brisk sales pace for the US crop.

Corn prices closed lower, and Wheat was flat to slightly higher. Both markets were pressured by huge stockpiles, which are forecast to reach nearly 30-year highs next year in the US, and hit all-time records worldwide.

Light strength in the wheat market came from frigid temperatures that are forecast for parts of US Wheat belt, and could harm dormant crops not yet insulated by a layer of snow.

Have a terrific week.

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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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