Chicago Agriculture Commodities Traded Lower

Chicago Agriculture Commodities Traded Lower

Chicago Agriculture Commodities Traded Lower

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture commodities traded lower Wednesday as traders were squaring their positions ahead of a Key monthly crop report.

The most active Corn contract for July delivery fell 0.5c, or 0.12% to settle at 4.0275 bu.

July Wheat delivery went down 4c, or 0.78% to close at 5.105 bu.

July Soybean were down 4.5c, or 0.44% to settle at 10.1575 bu.

The US Department of Agriculture (USDA) will release its May crop supply and demand report on Thursday and most traders took a cautious approach to avoid any risks.

CBOT traders estimated that funds sold 1,900 contracts of Corn, 2,500 contracts of Soybean and 2,500 contracts of Wheat.

The US Winter wheat crop was rated 34% good or excellent recently, up 1% from the end of last month, which also pressured Wheat futures.

CBOT Soybeans were lower from a rally in the previous session, on uncertainty over the outcome of trade talks between the United States and China, scheduled to continue next week in Washington.

There is still some effect from the tariff issue, and China is just not stepping in and grabbing any of the US Soybean.

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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