Chicago Agriculture Commodities Extend Losses

Chicago Agriculture Commodities Extend Losses


Chicago Board of Trade (CBOT) Corn, Wheat and Soybean extended losses Thursday as wet weather is around the corner in the US Midwest.

The most active Corn contract for Jul delivery was lower of 3.75 cents, or 0.87%, to close at 4.2525 bu.

Jul Wheat delivery shed 5 cents, or 1.05%, to settle at 4.725 bu.

Jul Soybean lost 21.50 cents, or 1.86%, to close at 11.345 bu.

The US weather forecast favored more moisture in the crop fields in US Midwest in the next 7 days, and agriculture analysts noted that Corn, Soybean extended losses to a 2nd successive trading day as weather improved in the US Midwest.

Wheat followed Corn and Soybean South, and Wheat also declined on the ongoing Winter Wheat harvest in the US Midwest, according to analysts.

The US Department of Agriculture (USDA) released its weekly export sales report Thursday. In the highlights of the report, USDA rated Corn net sales at 909,700 tonnes in the week of 9 June for mY 2015/2016, which were down 39% from the the previous week and 36% from the prior 4-week average.

The report showed that Wheat net sales were 762,900 tonnes for delivery in MY 2016/2017.

As for Soybean: the USDA said in the report that net sales of 816,400 tonnes for MY 2015/2016 were up 8% from the previous week and 57% from the prior 4-week average.

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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