Chicago Agriculture Commodities Finished Higher
$SOYB, $CORN, $WEAT
Chicago Board of Trade (CBOT) agriculture grains futures finished higher Tuesday with Soybean futures rising on continued strong export demand as overseas buyers waited for the bulk of the expected bumper South America harvest to come online.
Corn futures also firmed, finding technical support after dipping to Monday’s low.
Wheat ended higher on a round of short-covering.
Both Corn and wheat settled near session highs after breaking through Key technical resistance marks late in the session.
The most active Corn contract for March delivery rose 4.75 cents, or 1.31%, to 3.685 bu.
March Wheat delivery rose 8.25 cents, or 1.95%, to 4.3075 bu.
March Soybean added 6.75 cents, or 0.65%, to 10.4275 bu.
In the outside markets, the Brent Crude market is 0.86/bbl lower, the USD is higher, and the DJIA opened 37 pts higher, marking a new record-high, along with the NAS Comp finishing in record territory.
Most traders are Bearish Soybean with the Brazil crop coming on, but not hearing much about Corn or Wheat.
Tuesday, the USDA announced fresh Corn sales.
Private exporters reported to the US Department of Agriculture export sales of 128,000 tonnes of Corn for delivery to Japan during the MY 2016/2017.
Traders noted position squaring ahead of the US Agriculture Department’s (USDA) monthly supply and demand report, set for release Thursday.