Chicago Agriculture Commodities Finished Mixed Friday

Chicago Agriculture Commodities Finished Mixed Friday

Chicago Agriculture Commodities Finished Mixed Friday


Chicago Board of Trade (CBOT) grains futures finished mixed Friday, with Corn and Soybean futures finishing higher, with Wheat futures settling lower.

The most active Corn contract for December delivery rose 2.5 cents, or 0.74%, to 3.41 bu.

December Wheat delivery fell 2.5 cents, or 0.62%, to 4.035 bu.

November Soybean rose 3.5 cents, or 0.36%, to 9.8025 bu.

Investors positioned themselves ahead of Monday’s USDA Supply/Demand Report. The USDA is likely to reduce its Corn yield forecast and raise its Soybean yield forecast in its report, agriculture analysts said.

Agriculture analysts estimated the corn yield at 173.4 BPA (bushels per acre), down from 175.1 BPA on 12 August, but still a record high and the average Soybean yield at 49.2 BPS, up from 48.9 BPA in August.

Bumper crop harvests could exacerbate supply pressure given large grain stocks, partly due to the reluctance of farmers to sell at low prices, agriculture analysts said.

Short-covering in Corn and buying in Soybean was the feature throughout the market last week.

This action lifted prices ahead of Monday’s USDA report. Question over yield continues to be the catalyst to rallying markets.

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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