Chicago Agriculture Commodities Finished Mixed Friday
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) grains futures finished mixed Friday with Corn futures touching a 6 month high buoyed by robust demand from exporters and Ethanol producers.
The most active Corn contract for March delivery rose 3.5 cents, or 0.96%, to 3.6975 bu
March Wheat delivery rose 4.75 cents, or 1.12% to 4.2825 bu.
March Soybean dropped 2.75 cents, or 0.26% to 10.675 bu.
Corn got a boost when the US Department of Agriculture’s (USDA) weekly export sales report put Corn sales at nearly 1.4-M tonnes, topping a range of trade expectations.
The USDA also said private exporters in the last day sold 126,312 tonnes of US Corn to unknown destinations.
The export figures came on the back of government data released Thursday that showed US production of Corn-based Ethanol reaching a record-high for the 3rd week running.
Wheat followed Corn higher, although weekly wheat export sales fell below trade expectations. Commodity funds hold a large net short position in CBOT Wheat, leaving the market vulnerable to bouts of short-covering.
Soybean futures drifted lower on profit-taking and what appeared to be long liquidation after a rally this week to 6-month highs.
On the week, CBOT March Soybean rose about 2%, buoyed by floods in Argentina that have raised concern about the oilseed crop prospects. Traders continue to assess the extent of damage.
Thursday the Rosario grain exchange forecast for the MY 2016-17 Argentine Soybean crop to 52.9-M from 54.4-M tonnes previously because of bad weather.
Have a terrific week.
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