Chicago Agriculture Commodities Finished Mixed Friday
$SOYB, $CORN, $WEAT
Chicago Board of Trade (CBOT) grains futures finished mixed Friday, with Soybean futures lower and Corn prices higher, after the US Department of Agriculture raised its production estimates in a monthly report.
The most active Corn contract for December delivery was up 1.25 cents, or 0.38%, to 3.33 bu.
September Wheat delivery rose 6.25 cents, or 1.5%, to 4.225 bu.
November Soybean fell 2.25 cents, or 0.23%, to 9.8175 bu.
Soybean production in MY 2016-2017 that starts on 1 September is forecast at 4.06-B bu, well above last month’s outlook for 3.88-B, the USDA said in its monthly World Agricultural Supply and Demand Estimates report. Yield is pegged at 48.9 bu/acre, above July’s projection of 46.7 bu and estimates for 47.6 bu.
Corn output is forecast by the government at 15.2-B bu, up from 14.5-B projected last month and analyst expectations of 14.8-B, the USDA said. Yield is pegged at 175.1 bu/acre, up from July’s projection of 168 bu and analyst estimates of 170.8 bu/acre.
The updated figures come as largely favorable weather has graced the farm belt so far during the Summer growing season, improving grain yields.
While the numbers were Bearish for futures, Chicago traders are not fully convinced that production will rise as much as the USDA expects.
Have a terrific week