Chicago Agriculture Commodities Extended Losses Friday

Chicago Agriculture Commodities Extended Losses Friday


Chicago Board of Trade (CBOT) Corn fell for a 5th successive trading day Friday, Wheat and Soybean also extended losses after Britain’s surprising vote to leave the EU in a referendum held Thursday.

The most active Corn contract for Jul delivery fell 2.75 cents, or 0.71%, to 3.845 bu.

Sept Wheat delivery was lower of 0.75 cents, or 0.16%, to 4.65 bu.

Nov Soybeans shed 23 cents, or 2.09%, to 10.785 bu.

On the week: Corn declined 12.16%, Wheat and Soybean lost 3.38 and 6.99% respectively, according to data based on the most active contracts.

The USD increased Vs most major currencies Friday after Britain voted to leave the EU, weighing on the USD-denominated US agriculture commodities Friday.

Additionally, the beneficial rain in the US Midwest also extended pressure on Corn and Soybean, according to agriculture analysts.

Some analysts noted Britain’s vote to exit EU has prompted technical selling before the weekend, adding extra pressure to Corn, Wheat and Soybean Friday.

CBOT brokers estimated that funds have sold 17,000 contracts of Corn, 3,600 contracts of Wheat and 11,000 contracts of Soybean, a the Chicago-based agriculture consultancy, said in its mid-day commentary Friday.

The US Department of Agriculture (USDA) said Friday morning that private exporters reported export sales of 411,500 tonnes of Soybean for delivery to unknown destinations.

Have a terrific week.

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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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