Chicago Agriculture Commodities Finished Higher

Chicago Agriculture Commodities Finished Higher


Chicago agriculture commodities finished higher Wednesday with Wheat rebounding more than 1% on Short-covering.

The most active Corn contract for March delivery climbed 1.25 cents, or 0.36% to settle at 3.49 bu.

March Wheat delivery rose 6 cents, or 1.46%, to 4.1675 bu.

January Soybean went up 3.5 cents, or 0.36% to close at 9.7925 bu.

CBOT brokers reported that funds bought 2,600 contracts of Corn and 1,900 contracts of Wheat, while selling 1,200 contracts of soybeans.

The US Department of Agriculture (USDA) Tuesday raised MY 2017/18 Wheat and Soybean end stocks estimates, both domestic and world, leading to overall declines in CBOT futures.

However, Short-covering reversed the downturn of Wheat and Corn Wednesday, and Soybean ended losses which lasted for 5 sessions running

Trade observers also argued that the CBOT commodities are still competitive with lower prices than those from Argentina and Brazil.

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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