Chicago Agriculture Commodities Finished Mixed Friday

Chicago Agriculture Commodities Finished Mixed Friday


Chicago Board of Trade (CBOT) Soybean futures rose Friday on continued signs of demand for US supplies and on expectations that hot temperatures will return to the US Midwest this week, prices for Corn rose while Wheat fell.

The most active Corn contract for December delivery closed up 4 cents, or 1.18%, to 3.4275 bu.

September Wheat delivery fell 2.5 cents, or 0.61%, to 4.0775 bu.

November Soybean rose 25 cents, or 2.56%, to 10.03 bu.

All 3 agriculture  commodities marked steep monthly losses on the final trading day of July and wheat futures fell to the lowest levels in about a decade before trimming declines.

Soybean prices rallied to their session highs after the US Department of Agriculture (USDA) reported that exporters sold 129,000 tonnes of US Soybean to unknown destinations, the 3rd sale of at least 100,000 tonnes in as many days.

Still, August weather is Key for determining Soybean yields, and hot temperatures that could threaten plant development are due to descend on major crop-growing regions this week, and again in the middle of this month.

Wheat prices fell to a fresh 10-year low, buffeted by large domestic and world stockpiles of the grain and lackluster export demand for US supplies. Losses in the Wheat market were capped, however, by signs that dryness had curbed spring Wheat production somewhat this year.

Have a terrific week.

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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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