Chicago Agriculture Commodities Finished Higher
$WEAT, $CORN, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished higher Thursday with Corn and Soybean futures edging higher on concerns about weather delays to Spring planting and relief that the White House will not immediately withdraw the United States from the North American Free Trade Agreement (NAFTA).
Solid export sales added support, although both commodities traded lower at times as mild and dry long-term forecasts tempered worries over reduced yields and production.
The most active Corn contract for July delivery went up 2.5 cents, or 0.68%, to settle at 3.6925 bu.
July Wheat delivery rose 4.75 cents, or 1.11% to 4.3125 bu.
July Soybean added 0.75 cents, or 0.08%, to 9.5725 bu.
“There’s a lot of rain and cold temperatures, and all of that is supportive. But as long as the deferred forecast stays relatively dry, people aren’t getting too nervous just yet, hence the tug-of-war today,” said the President of A/C Trading in Fowler, Indiana.
Thursday, the USDA Weekly Export Sales Report showed that Soybean sales beat expectations, while Corn sales came in at the high end of expectations.
US President Donald Trump, however, later told the leaders of Canada and Mexico on Wednesday that he would not terminate the NAFTA treaty at this stage, but will move quickly to begin renegotiating it with them.
Have a terrific weekend.