Chicago Agriculture Commodities Finished Higher

Chicago Agriculture Commodities Finished Higher

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture commodities finished higher Wednesday with Corn and Wheat rebounding over short-covering and bargain-buying respectively.

The most active Corn contract for March delivery rose 4.75c, or 1.36% to settle at 3.475 bu.

March Wheat delivery went up 5c, or 1.20% to close at 4.215 bu.

March Soybean were up 0.75c, or 0.08% to settle at 9.6875 bu.

CBOT brokers reported that funds bought 5,500 contracts of Corn and 2,800 contracts of Wheat ,while selling 4,300 contracts of Soybean.

Short-covering and a general lack of Bearish input pushed up Corn futures. Agriculture analysts said managed funds established a new record Short position as of Wednesday morning.

CBOT Wheat futures had posted losses for 3 sessions running after the USDA estimated Y 2018 winter Wheat plantings at 32.608-M acres, above analysts’ expectations.

Bargain-buying on Wednesday led to the rally of CBOT Wheat prices.

The Soybean were almost flat following 2 days of sharp rise.

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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