Chicago Agriculture Commodities Finished Higher
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished higher Monday with Corn, Wheat and Soybean rising more than 2% on outlooks for more hot and dry weather in the Midwest and northern Plains area.
The most active Corn contract for December delivery rose 10 cents, or 2.47%, to 4.1475 bu.
September Wheat delivery added 15 cents, or 2.80% to 5.50 bu.
November Soybean jumped 23.75 cents, or 2.34%, to 10.3925 bu.
Along with price-supportive hot and dry weather, outside investors are switching bets that the market will go lower to bets that the markets will go higher. A lot of that mentality is driven by drought conditions in the northern Plains states.
Agriculture grain analysts said prices are trading sharply higher with a warmer, drier weather forecast which could possibly slow crop development.
Monday’s United States Department of Agriculture crop ratings are anticipated to drop 1-2% which is adding to the short-covering.
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