Chicago Agriculture Commodities Finished Mixed Thursday

Chicago Agriculture Commodities Finished Mixed Thursday

Chicago Agriculture Commodities Finished Mixed Thursday

$CORN, $SOYB, $WEAT

Chicago Board of Trade (CBOT) Corn, Wheat extended gains Thursday, and Soybean retreated as more rain was forecast in the US Southern Plains and Midwest.

The most active Corn contract for Jul delivery rose 3.50 cents, or 0.86%, to close at 4.0825 bu.

Jul Wheat delivery advanced 15.25 cents, or 3.27%, to settle at 4.8125 bu.

Jul Soybean shed 5.75 cents, or 0.53%, to close at 10.7975 bu.

The US Department of Agriculture (USDA) said Thursday in its weekly export sales report that corn net sales were 1,381,100 tonnes in the week of 19 May, down 6% from the previous week but unchanged from the prior 4-wk average. Some agriculture analysts noted that these numbers were better than expectations, showing signs of strong demand for US Corn.

USDA also said Thursday in its daily export sales report that private exporters reported export sales of 130,000 tonnes of Corn for delivery to Taiwan and export sales of 123,000 tonnes of Corn for delivery to unknown destinations.

The weaker dollar also helped corn Thursday, while more rain was forecast in the US Southern Plains and Midwest in the weekend and next week also supported Corn higher.

The rain also boosted Wheat price Thursday and some analysts said that too much rain may damage the quality of the Wheat.

Wheat rose on short covering.

A agriculture consultancy, said that CBOT floor brokers reported funds have bought 6,500 contracts of Wheat in the morning session.

While the rain was Bearish Soybean as some farmers may transfer their Corn planting to Soybean, according to analysts. Heavy rains could push more acres into Soybean as farmers weigh the benefits of reduced Corn yield potential and crop insurance benefits, Farm Futures Magazine reported Thursday in its daily commentary.

The USDA weekly export sales report said that till week of 19 May Soybean net sales were 456,800 tonnes, down 18% from the previous week and 1% from the prior 4-week average.

Stay tuned…

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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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