Chicago Agriculture Commodities Finished Off Friday

Chicago Agriculture Commodities Finished Off Friday

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture grains futures settle lower Friday on signs of weakening demand for US exports as the South American harvest nears.

The most active Corn contract for March delivery fell 3.25 cents, or 0.9%, to 3.58 bu.

March Wheat delivery fell 3 cents, or 0.7%, to 4.2325 bu.

January Soybean dropped 17.75 cents, or 1.75%, to 9.9475 bu.

The US Agriculture Department said Friday that weekly Soybean export sales fell to a lower-than-expected 87,700 tonnes in the latest week from 979,200 tonnes a week ago.

Corn export sales of 429,300 tonnes also dropped below the low end of trade forecasts.

The market was pricing in the possibility that a slowdown in the movement of Soybean to US West Coast ports, due to wintry conditions.

Record snow and rain covered the western United States  Thursday, raising the threat of floods and freezing temperatures in some areas.

Wheat futures have been supported this week by traders adjusting their bets on the grain before a re-balancing of investment portfolios by index funds next week.

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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