Chicago Grain Futuers: Corn, Wheat Down, Soybean Up

Posted by: : Paul EbelingPosted on: April 17, 2014 Chicago Grain Futuers: Corn, Wheat Down, Soybean Up

Chicago Grain Futuers: Corn, Wheat Down, Soybean Up

Chicago agricultural commodity futures were traded mixed Wednesday, with Corn and Wheat prices down while Soybeansprice up.

Wednesday, the most active Corn contract for Jul delivery fell 6.25 cents, or 1.23%, to settle at 5.035 bu.

Jul Wheat lost 14.5 cents, or 2.04%, to settle at 6.9525 bu.

Jul Soybean rose 21.25 cents, or 1.43%, to close at 15.0875 bu.

Soybean futures rallied for the 3rd day running to reach a 9-month high. Statistics show, Soybean posted their highest close since July 2013, driven by Tuesday’s Bullish crush numbers and better-than-expected Q-1 growth data of China.

July Corn closed lower with a possibility of producer selling at prices near their highest levels in 7 months, Wheat gave back much of Tuesday’s gainer with chances for light rain in the 5-day forecast for southwestern US plains.

Traders said Wheat gave up over 2% on expectations for a turn to better weather in the Plains following a cold, dry Winter. Warming temperatures will lower the possibility of Winter kill facing the soft Wheat crop in the Midwest and the hard Wheat in the Plains states.

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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