Chicago Agriculture Commodities Finished Higher

Chicago Agriculture Commodities Finished Higher

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture commodities finished higher Tuesday as weather woes and weak USD pushed up the grain futures.

The most active Corn contract for March delivery rose 2.75c, or 0.77%, to settle at 3.615 bu.

March Wheat delivery went up 8c, or 1.78%, to close at 4.5725 bu.

March Soybean were up 8.75c, or 0.88%, to settle at 10.0025 bu.

The poor Winter Wheat condition in US plains has pushed the Wheat prices higher in the 5th session running.

According to the US Department of Agriculture (USDA), only 14% of the crop conditions in Kansas, the US biggest Winter Wheat grower, was rated good or excellent. About 10% was rated very poor, with 34% being rated poor and 42% fair.

The monthly crop reports reflected the damage that cold and dry weather has inflicted on US plains Wheat in January.

Corn and Soybean futures also advanced on Short-covering and poor weather conditions in Argentina and Brazil. Soybean climbed above 10.00 bu.

The weak USD is another positive factor for commodity markets.

The weather is the biggest issue, but the weak USD certainly helps.

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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