Chicago Agriculture Commodities Finish Mixed

Chicago Agriculture Commodities Finish Mixed

$CORN, $WEAT, $SOYB

Chicago agriculture commodities finished mixed Monday, with Soybean futures slumping to 3-month lows as rain in Argentina eased concerns that farmers would scale back planting in the country.

Corn futures also declined on the rainy Argentine weather and pressure from abundant supplies of the grain.

Wheat futures edged higher on concerns about dry weather hurting the US Winter crop.

The most active Corn contract for March delivery went down 0.5 cent, or 0.14%, to 3.47 bu.

March Wheat delivery rose 2.25 cents, or 0.54%, to 4.205 bu.

January Soybean dropped 5.75 cents, or 0.59% to 9.615 bu.

CBOT brokers estimate that funds have sold a net 3,500 contracts of Corn and 3,100 contracts of Soybean, while buying 2,700 contracts of Wheat.

Arctic cold temps will invade the central US this week with lows to drop to Zero or below across much of the Plains and the Midwest, which will leave the US Wheat crops vulnerable to winter-kill.

The US Department of Agriculture(USDA) announced the sale of 396,000 tonnes of Soybean and 168,000 tonnes of US Sorghum for delivery during MY 2017/18. China continues to rapidly add to its Sorghum purchases from the US and the USDA is still too low with its annual forecast.

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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