Chicago Agriculture Commodities Finished Higher
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grain futures finished higher Wednesday with Soybean futures rising about 1% Wednesday on bargain buying and Short-covering, one day after a US government forecast for record-large global soy inventories pushed the front contract to its lowest mark in a year.
The most active Corn contract for May delivery rose 2.5 cents, or 0.68%, to 3.69 bu.
May Wheat delivery stayed unchanged at 4.3325 bu.
May Soybean went up 8.5 cents, or 0.90%, to 9.4775 bu.
In the outside markets
Brent Crude market is – 0.30 bbl, the USD is higher, and DJIA – 37 pts.
A Chicago agriculture grain trader, says that the main thing that the market is worrying about is the Soybean weather in Argentina.
“Also, the investors are focused on the technicals that were rather compressed, with the recent break off the Feb/March highs. Plus, the Soybean futures price spread between the July and November contracts broke from 60+ down to even money and then bounced off of that mark,” she says.
The US Department of Agriculture (USDA) in a monthly report Tuesday raised its estimate of Brazil’s Soybean crop to 111-M tonnes, from 108-M last month. The USDA put the Argentine Soybean crop at 56-M tonnes, up from 55.5-M in March.
Reflecting the big harvests, the government raised its forecast of global Soybean stocks at the end of MY 2016-17 to 87.41-M tonnes, up from 82.82-M in March and above an average of trade estimates for 83.91-M tonnes
The US Financial markets are closed for Good Friday, have a terrific Easter Weekend.
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