Chicago Agriculture Commodities Finished Higher

Chicago Agriculture Commodities Finished Higher

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture grains futures finished higher Thursday over fund short-covering and poor Canadian Wheat crop.

The most active Corn contract for December delivery rose 12.25 cents, or 3.55%, to 3.5775 bu.

December Wheat delivery gained 4.75 cents, or 1.11%, to settle at 4.345 bu.

November Soybean went up 12 cents,or 1.29%, to 9.4525 bu.

Chicago CBOT brokers reported that funds bought 9,000 contracts of Corn, 4,500 contracts of Wheat and 6,000 contracts of Soybean.

Agriculture analysts contributed the overall rally to short-covering by managed funds after the futures of Corn and Soybean had posted losses for 4 sessions running.

According to Canada’s August crop report, the 2017 Canadian Wheat crop is estimated at 25.5-M tonnes, which will be 20% less than the previous year. This pushed the CBOT Wheat futures higher.

European Wheat also rebounded Thursday following the rise of prices in Chicago in response to the low estimates for the Canadian Wheat crop.

Have a terrific weekend

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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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