Chicago Agriculture Commodities Finished Higher
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finiahed higher Tuesday with Soybean futures rising to a fresh 3-month high on robust world appetite for US supplies of the Oilseed.
Corn inched higher, Wheat was mixed ahead of the US Thanksgiving Holiday Thursday.
The most active Corn contract for December delivery rose 1.25 cents, or 0.36%, to 3.51 bu.
March Wheat delivery added 0.25 cents, or 0.06%, to 4.2725 bu.
January Soybean rose 26.5 cents, or 2.67%, to 10.2025 bu.
Soybean prices swung higher for a 4th consecutive session due to buying by speculative investors optimistic about the market thanks to the brisk pace of exports this year.
Agriculture analysts said traders were encouraged by recent purchases by China, the world’s largest Soybean buyer, which have been supported by beneficial currency swings. US farmers are relying on foreign importers like China to help soak up what is projected to be a record domestic crop this year.
Gains in the market were capped by improving weather forecasts in South America, a major US rival for Soybean production and exports.
Agricutlure analysts said both northern and central parts of Brazil are now expected to receive beneficial rains in coming weeks, which could aid crops earlier beset by dryness.
Corn was on track for its 4th straight higher close, drawing support from Soybean, but plentiful stockpiles following a record-large US harvest curbed upward momentum.
Wheat was mixed, with Kansas City hard red winter Wheat futures firming on worries of dry weather. In a crop report released after the market close Monday, the USDA rated 58% of the US Winter Wheat crop as good to excellent, down from 59% the prior week.
Have a Happy Thanksgiving