Chicago Agriculture Commodities Finished Mixed Friday

Chicago Agriculture Commodities Finished Mixed Friday

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture grains futures finished mixed on Friday with Corn, Wheat futures finishing the last trading day of the year on a high note.

The most active Corn contract for March delivery rose 2.25 cents, or 0.64%, to 3.52 bu.

March Wheat delivery added 3.25 cents, or 0.8%, to 4.08 bu.

January Soybean fell 8.75 cents, or 0.86%, to 10.04 bu.

Wheat futures are lifted by a setback in the USD, which in theory makes US grains more competitive, and strong weekly exports.

The US Department of Agriculture (USDA) reported export sales of old-crop Wheat in the latest week at 568,000 tonnes, above a range of trade expectations for 200,000 – 500,000 tonnes.

However, large US and global agriculture grain supplies continue to hang over the Wheat and Corn markets, limiting rallies. The USDA and the International Grains Council have estimated record world Wheat production in MY 2016/17.

Soybeans is drawing support from other oilseed markets, including Malaysian palm oil futures, which rose 25% over Y 2016 to notch up their biggest annual gainer since Y 2010.

 

Have a terrific week, Happy New Year!

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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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