Chicago Agriculture Commodities Opened the Week Lower

Chicago Agriculture Commodities Opened the Week Lower

$CORN, $WEAT, $SOYB

Chicago agriculture commodities opened lower Monday, on speculation that the US Department of Agriculture (USDA) will lower its outlook for exports in a report this week.

March Corn were down 3.75c at 3.475 bu as of 1600 GMT in morning trading,

March Wheat was down 1.5c at 4.2925 bu

March Soybean was 8.75c lower at 9.62 bu.

Analysts suspect the government will reduce its forecast for MY 2017-2018 sales in Friday’s World Agricultural Supply and Demand Estimates Report.

Export sales this year are down from a year ago on high world supplies.

Soybean sales since the marketing year started have totaled 41.1-M tonnes, down 14% from the same time frame a year earlier, according to the USDA. Sales of Corn are down 25% at 26.7-M tonnes.

Wheat sales since the start of the grain’s marketing year on 1 June are at 19.6-M tonnes, down 7% Y-Y, government data show.

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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