Chicago Agriculture Commodities Finished Mixed Friday
$CORN, $WEAT, $SOYB
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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