Chicago Agriculture Commodities Finished Higher
$SOYB, $CORN, $WEAT
Chicago Board of Trade (CBOT) agriculture grains futures finished higher Wednesday with Soybean futures rising to a 2 wk high while Corn and Wheat prices also rising on support from investment fund buying and position squaring ahead of a government crop report due Thursday.
The most active Corn contract for March delivery rose 2.25 cents, or 0.61%, to 3.7075 bu
March Wheat delivery rose 1.75 cents, or 0.41%, to 4.325 bu.
March Soybean added 16 cents, or 1.53%, to 10.5875 bu.
In the outside markets, the Brent Crude market is + 0.27 bbl the USD is lower, and the DJJIA are 28 pts lower.
“Soybeans are rising on a two week high in palm oil. That coupled with a technical break out on the charts has given rise to higher prices in the soybean complex today. Corn and wheat are struggling to follow along,” said a Commodity Risk Management Group analyst.
Firm Soybean and Soy product prices in China underpinned US Soy and there was market talk that China, which imports roughly 67% of global Soy exports, bought several US bulk Soybean cargoes.
“The funds are long and are pushing their position a little bit,” said on agriculture trading broker.
The US Department of Agriculture (USDA) in its monthly supply and demand report due at midday Thursday was expected to trim its US and global Soybean ending stocks estimate and make minor adjustments to its Corn and Wheat outlooks, analysts said.
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