Chicago Agriculture Commodities Finished Higher

Chicago Agriculture Commodities Finished Mixed

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture grains futures finished higher Wednesday with the Soybean reversing a 5-day down-turn.

The most active Corn contract for May delivery rose 1.75 cents, or 0.48%, to 3.6475 bu.

May Wheat delivery went up 2.75 cents, or 0.64% to 4.2975 bu.

May Soybean up 6.5 cents, or 0.69%, to 9.4425 bu.

Heavy rains in Argentina in recent days have reportedly triggered concerns about the Soybean harvest there. Some agriculture analysts also contributed the rise of Soybean futures to short covering.

The Soybean futures had hit the lowest level in almost a year before Wednesday’s bounce.

Corn and Wheat were also buoyed by the rebounding Soybean.

But the rise of Corn futures was capped by the news that the US consumed less corn for the production of Ethanol last week, probably because several plants reduced operations for seasonal maintenance.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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