Chicago Agriculture Commodities Finished Higher
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished higher Thursday on widespread buying in agricultural markets and optimism over demand for some crops.
The most active Corn contract for December delivery rose 3.5 cents, or 0.99%, to 3.575 bu.
December Wheat delivery added 3 cents, or 0.73%, to 4.145 bu.
January Soybean rose 4 cents, or 0.39%, to 10.25 bu.
Soybean prices advanced to a fresh 2-month high, bolstered by ongoing healthy appetite for the oilseed among overseas importers who are purchasing US supplies at a rapid pace.
In a weekly report, the US Department of Agriculture said net Soybean sales for the week ended 20 October totaled about 2.05-M tonnes, which was in line with analyst expectations for 1.5 -3-M tonnes. The US government said Thursday private exporters also had booked export sales totaling 525,000 tonnes to China and unknown destinations for MY 2016/17.
Higher Soybean prices and technical buying shored up Corn and Wheat markets, with grain prices rising for a 3rd straight session.
Solid Wheat exports also shored up prices, with the USDA reporting net Wheat sales last week totaled 646,100 tonnes, close to the high end of agriculture analyst expectations. The sale increased optimism over demand after a large Wheat purchase by Egypt earlier in the week signaled growing global appetite for the crop at a time of record grain supplies.
The International Grains Council (IGC) raised its forecast for MY 2016/17 world Corn crop to a record-high 1.035-B tonnes boosted by upward adjustments for the United States, Argentina and India. The intergovernmental body, in a monthly report, increased its forecasts for Wheat and total grains to record levels, with global stocks expected to rise.