Chicago Agriculture Commodities Finished Higher

Chicago Agriculture Commodities Finished Higher

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture grains futures finished higher Wednesday as traders turn to short-covering after last day’ s overdone sell-off.

Traders noted Wheat contracts posting the gains as results from a crop tour confirmed that drought in the northern Plains severely crimped harvest potential in that Key growing region.

Bargain buying lent support to Soybean futures too following a sharp sell-off Tuesday.

Corn closed firmer after earlier falling to July lows.

The most active Corn contract for December delivery rose 3.75 cents, or 0.98%, to 3.86 bu.

September Wheat delivery added 3.75 cents, or 0.79% to 4.7775 bu.

November Soybean went up 7.5 cents, or 0.76%, to 10.0025 bu.

Looking out longer term, grain prices could get cheaper if these forecasts roll true with no extreme heat in sight.

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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