Commodities: Chicago Agricultural Finished Mixed

Posted by: : Paul EbelingPosted on: January 11, 2014 Commodities: Chicago Agricultural Finished Mixed

Commodities: Chicago Agricultural Finished Mixed

Chicago agricultural commodities closed mixed Friday, with Corn and Soybean rising and Wheat dropping.

The most active Corn contract for Mar delivery rose 20.75 cents, or 5.04%, to close at 4.3275 bu.

Mar Wheat lost 15.25 cents, or 2.61%, to close at 5.69 bu.

Mar Soybean gained 4.75 cents, or 0.37%, to close at 12.785 bu.

Mar Corn rose by a large margin on a Bullish US Department of Agriculture (USDA) final crop and December stock report.

The USDA estimated the final Y 2013 US Corn production at 13.925-B bu, -640M bu from the Nov report; US Corn yield at 158.8 bu per acre; and US Corn stocks by 1 December at 10.426-B bu, down 344-B bu from market expectations.

The USDA made no change to US Corn exports, but raised Ethanol usage by 50-M bu to 5-B bu.

Mar Wheat dropped heavily on a Bearish USDA report. The USDA put US Wheat stocks on 1 December at 1.463-B bu, 53-M bu more than expected; and Winter Wheat seeding at 41.9-M acres, down 4.1% from expectations.

Mar Soybean rose slightly on a Neutral USDA report. The USDA estimated US Soybean production in Y 2013 at 3.289-B bu; yield at 43.3 bu per acre, nearly reaching record highs with record yield in Eastern and Southern US making up for poor growing weather in central US; and US Soybean stocks by 1 December at 2.148-B bu..

The USDA left US M-Y 2013-2014 Soybean end stocks unchanged at 150-M bu, but raised US Soybean export estimate by 20-M bu to 1.495-B bu. The USDA estimated world Soybean end stock at a record high of 72.33-M tonnes.

Stay tuned…


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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