Chicago Agriculture Commodities Finish Higher
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished higher Thursday, with Corn futures closing at 2-week high price as investors exited Short positions ahead of the US Department of Agriculture’s (USDA) monthly crop report due Monday.
The most active Corn contract for December delivery rose 5.25 cents, or 1.58%, at 3.385 bu.
December Wheat delivery closed up 3.25 cents, or 0.81%, at 4.06 bu.
November Soybean rose 1.25 cents, or 0.13%, at 9.7675 dollars per bushel.
Soybean futures reversed from small losses and turned North late in the session at the Chicago Board of Trade, while US Wheat futures gained in light-volume trading.
USDA in its September supply and demand outlook is likely to reduce the average Corn yield to 173.4 BPA (bushels per acre), down from 175.1 BPA on 12 Augus, but still a record high, according to an agriculture analyst poll.
Analysts predicted USDA would boost US Soybean yields to a record of 49.2 BPA, up from 48.9 BPA in August.
Trading volumes in Corn, Soybean and Wheat were light ahead Monday’s USDA data. A steep fall in Corn OI (open interest) during Wednesday’s session of higher prices suggested traders were exiting short positions rather than making new long bets, CME Group data showed at the close.
Weekly USDA export data, due Friday, was delayed 1 day due Monday’s US Labor Day Holiday.