Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed

$CORN, $WEAT, $SOYB

Chicago agriculture commodities finished mixed Tuesday, with Corn and Wheat futures higher, as investors covered Short positions and prepared for government crop data due Friday.

Soybean futures were narrowly lower amid analyst expectations that the US Department of Agriculture (USDA) would boost US Soy ending stocks and estimates for Brazilian Soybean output.

The most active Corn contract for March delivery rose 1.75c, or 0.5% to settle at 3.49 bu.

March Wheat delivery went up 4.5c, or 1.05% to close at 4.3225 bu.

March Soybean dropped 3c, or 0.31% to settle at 9.6375 bu.

CBOT floor brokers estimate that funds have sold 3,000 contracts of Soymeal, while buying 2,400 contracts of Wheat and 4,500 contracts of Corn. Funds have also bought 1,000 contracts of Soyoil and sold 3,000 contracts of Soybean.

As for international market, Egypt’s General Authority For Supply Commodities received 7 offers for Wheat with one offer seeming very cheap at just above 192/tonne.

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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