Chicago Agriculture Commodities Finished Mixed Friday
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) Corn, Wheat declined Friday, as Soybean extended gains as USDA’s report showed demand for US soybeans has improved.
The most active Corn contract for Jul delivery fell 3.50 cents, or 0.82%, to close at 4.23 bu.
Jul Wheat delivery declined 15.25 cents, or 2.99%, to settle at 4.95 bu.
Jul Soybean was higher of 2.25 cents, or 0.19%, to close at 11.7825 bu.
On the week: Corn, Soybean advanced 1.14%, 4.09% respectively, Wheat shed 0.45%.
The USD increased Vs most major currencies Friday and agriculture analysts noted that stronger Buck weighed on Corn Friday, but Corn rallied after the much-awaited report from US Department of Agriculture (USDA) showed smaller US ending stocks.
USDA release its monthly World Agricultural Supply and Demand Estimates Report Friday, saying that the US projected Corn production for MY 2016/17 is unchanged at a record 14,430-M bu. However, Corn ending stocks for MY 2016/17 were projected at 2,008-M bu, down 145-M from last month, according to the report.
The USDA said that US wheat ending stocks are raised 21-M bu to 1,050-M, which were the largest in 29 years.
Global Wheat supplies for MY 2016/17 were raised 3.9-M tonnes with production increases for the EU, Russia, and the United States more than off setting reductions for Brazil and Mexico.
Agriculture analysts noted that Wheat declined further as the USDA report showed bigger supplies.
As for Soybean, USDA said Soybean ending stocks for MY 2015/16 were projected at 370-M bu, down 30-M from last month, ending stocks for MY 2016/17 were reduced 45-M to 260-M bu on lower beginning stocks and increased exports.
USDA also added in the report that Soybean exports are raised with reductions for Brazil and Ukraine.
Friday, the USDA also announced its 5th Soybean export sales in a row this week.
According to the announcement from the agency, export sales of 263,000 tonnes of Soybean for delivery to unknown destinations. Of the total, 203,000 tonnes is for delivery during the MY 2015/2016 and 60,000 tonnes is for delivery during the MY 2016/2017.
Have a terrific week.
Latest posts by Paul Ebeling (see all)
- Investing Vs Speculating Vs Safekeeping - December 10, 2016
- The Election of Donald Trump Has ‘Killed’ Trans Pacific Partnership - December 9, 2016
- Donald Trump’s US-Mexico Wall is “Shovel Ready” - December 9, 2016