Chicago Agriculture Commodities Finished Higher

Chicago Agriculture Commodities Finished Higher

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) grains futures finished mixed Thursday with Wheat posting nearly 4% losses due to profit-taking.The most active Corn contract for December delivery fell 1.25 cents, or 0.31%, to 4.0275 bu.

September Wheat delivery slid 21 cents, or 3.75% to 5.39 bu.

November Soybean went up 5 cents, or 0.50%, to 9.9925 bu.

CBOT brokers estimated that funds sold 13,000 contracts of Wheat, 5,000 contracts of Corn, and were flat Soybean.

The Wheat market gave back some of this week’s gains as a result of profit-taking. Meanwhile, rain is reportedly arriving in drought-stressed areas of the US northern plains.

Warm and dry weather had sent Wheat to new high in the past 6 consecutive sessions.

Wednesday’s ups and downs of the Wheat futures had signaled the start of profit-taking, agriculture analysts said.

Corn futures also went down following a 5-day rise, after the US Department of Agriculture (USDA) reported Wednesday that 68% of the US Corn crop had been rated good/excellent, slightly above the 67% rating a week ago.

Soybean futures continued its Bullish tendency Thursday, as traders learned that the latest USDA Soybean crop good/excellent rating was at 64%, lower than its 66% rating a week ago.

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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