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.
Latest posts by Paul Ebeling (see all)
- Wall Street’s Key Stock Analysts Research Report - February 26, 2020
- Gold Finished Lower in US on Profit Taking - February 25, 2020
- Marijuana Use Among Seniors Nearly 2X’d in 3 Years - February 25, 2020