$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) Corn, Wheat extended gains Friday, as Soybean fell on profit taking and expectations that more Soybean will be planted.
The most active Corn contract for Jul delivery gained 1.75 cents, or 0.45%, to close at 3.9075 bu.
Jul Wheat delivery rose 6.75 cents, or 1.44%, to close at 4.7475 bu.
Jul Soybean shed 7 cents, or 0.65%, to close at 10.65 bu.
On the week: Corn, Wheat and Soybean advanced 3.51%, 2.37%, and 2.92% respectively.
Agriculture analysts said that Corn and Wheat extended their gains on short covering. CBOT floor brokers estimated that funds have bought 9,700 contracts of Corn and 10,200 contracts of Wheat in the morning session, according to a Chicago-based agriculture consultancy.
However, Soybean declined Friday on talk that more Soybean will be planted in the US Midwest because of beneficial rains, analysts said.
Profit taking after Soybean’s big advance of 5.6% last Tuesday put pressure on Soy. CBOT floor brokers estimated that funds have sold 5,700 contracts of Soybean.
About the Soybean
The US Department of Agriculture said Friday that private exporters reported export sales of 420,000 tonnes of Soybean for delivery to unknown destinations.
Have a terrific week.