Chicago Agriculture Commodities Finished Mixed Tuesday

Posted by: : Paul EbelingPosted on: August 20, 2014 Chicago Agriculture Commodities Finished Mixed Tuesday

Chicago Agriculture Commodities Finished Mixed Tuesday

Chicago agricultural commodities closed mixed Tuesday, Corn and Wheat rising and Soybean falling.

The most active Corn contract for Dec delivery gained 0.75 cents, or 0.20%, to close at 3.7225 bu.

Dec Wheat gained 4.25 cents, or 0.77%, to close at 5. 585 bu.

Nov Soybean lost 5 cents, or 0.47%, to close at 10.5275 bu.

US Wheat markets have seen some short covering as row crops are lower.

Soybean futures retreated after weather updates Tuesday showed better-than-expected rains working across eastern Missouri, Illinois and Western Indiana.

News is circulating that Ukraine’s flour milling association has asked the government to temporarily halt exports of milling Wheat until the quality of the crop can be better assessed. The organization pegs milling quality Wheat at just 3.3 to 4.5-M metric tons. Analysts indicate that this is a seasonal occurrence, and an effort to keep domestic prices in Ukraine low for millers and exporters.

US weather forecast remained favorable. The extended forecast hinges upon a tropical storm to sweep into the Gulf from 29-31 August, and will then work into the Southeast and far Eastern Corn Belt in the following days.

The Australian forecast has also added light rainfall to Victoria and East New South Wales in late August and early September. Moisture will be needed across Australia’s Western Wheat Belt by mid-September, but Eastern areas have been the driest over last month.

Stay tuned…

HeffX-LTN

Paul Ebeling

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Paul Ebeling

Pattern Recognition Analyst, equities, commodities, forex
Paul Ebeling is best known for his work as writer and publisher of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly-regarded, weekly financial market letter, where he enjoys an international audience among opinion makers, business leaders, and respected organizations. Something of a pioneer in online stock market and commodities discussion and analysis, Ebeling has been online since 1994. He has studied and worked in the global financial and stock markets since 1984.
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