Chicago Agriculture Commodities Finish Higher
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished higher Tuesday with corn futures rising about 3%.
Wheat and Soybean futures were also higher. Investment by commodity funds at the end of the month and ahead of the US planting season added support, agriculture analysts said.
The most active Corn contract for May delivery rose 5.5 cent, or 1.49%, to 3.7375 bu
May Wheat delivery rose 5 cents, or 1.14%, to 4.4375 bu
May Soybean added 13.75 cents, or 1.35%, to 10.3575 bu
The funds are in the market. The trade rumors are that big fund buying from overseas is happening in the Corn market. And investor managers are getting month-end balance sheets cleaned up.
The bio-fuel news is the fuel for the rally, Soybean Oil really took off, based upon the bio-fuel issue. Then the Soybean market followed. But for sure, anybody who was short anything was looking to cover.
The Wheat market reluctantly followed the bio-fuel crops higher, and the market awaits the results of the latest General Authority For Supply Commodities (GASC) tender. The lowest offer is 197 per tonne for 60,000 tonnes of French Wheat.
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