Chicago Agriculture Commodities Finished Lower

Chicago Agriculture Commodities Finished Lower

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture commodities finished lower Wednesday with Wheat prices continuing to fall amid rainfall in the US plains.

The most active Corn contract for May delivery fell 0.5c, or 0.13% to settle at 3.735 bu.

May Wheat delivery lost 3.5c, or 0.78% to close at 4.455 bu.

May Soybean were down 1.5c, or 0.15% to settle at 10.18 bu.

CBOT brokers reported that funds sold 4,300 contracts of Corn, 2,100 contracts of Wheat and 3,200 contracts of Soybean.

Rainfall in the mid-south plains, including Kansas, eastern Oklahoma and Texas, is expected to ease the dryness and improve crop conditions, thus has dragged down Wheat prices.

Meanwhile, the funds have been cutting their market length as it is moving toward the end of the month and Q-1. That net Long position reduction has pressured CBOT futures.

Funds also trimmed their market exposure ahead Thursday’s report by the US Department of Agriculture (USDA) on stocks and seeding, the most important 1 in Q-1 as it will set the stage for CBOT price action into early Summer.

Have a terrific Easter weekend.

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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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