Chicago Agriculture Commodities Finished Higher

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.

Stay tuned…

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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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