Chicago Agriculture Commodities Finished Higher

Chicago Agriculture Commodities Finished Mixed


Chicago Board of Trade (CBOT) Corn settled higher for its 5th session running on Wednesday, and Wheat and Soybean retreated a bit from prior day’s gainer.

The most active Corn contract for Jul delivery rose 2.50 cents, or 0.63%, to close at 3.995 bu

Jul Wheat delivery dropped 1.75 cents, or 0.36% to settle at 4.80 bu

Jul Soybeans shed 5 cents, or 0.46%, to close at 10.7525 bu.

Corn climbed on a new round of short covering after it traded lower overnight and in the morning session, according to agriculture analysts.

The US Energy Information Administration (EIA) Wednesday said that in the week ending 13 May, US production of Corn-based Ethanol was 948,000 BPD, lower than previous week’s 962,000 BPD. However, the stocks of Ethanol were also lower than that of the previous week.

Soybean retreated on profit taking after advancing nearly 1.5% Tuesday, while the stronger USD also weighed on Soybean, a stronger Buck make them more expensive and less competitive in the international market.

Wheat market was quiet Wednesday and Wheat futures settled a bit lower as stronger USD extended pressure on Wheat.

The US Environmental Protection Agency (EPA) released its proposed renewable fuel standard for Y 2017 and biomass-based diesel requirements for Y 2018 Wednesday. EPA proposed a requirement of 18.8-B gallons of renewable fuel, slightly higher from 18.11-B for Y 2016.

EPA will hold a public hearing on the proposal on 9 June and the proposed rule is scheduled to be open to public comment until 11 July.

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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