Chicago Agriculture Commodities Finished Higher
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture commodities finished higher Wednesday on massive fund buying.
CBOT brokers reported that funds bought 12,000 contracts of Corn, 5,500 contracts of Soybean, and 4,800 contracts of Wheat.
The most active Corn contract for July delivery rose 5.75c, or 1.47% to settle at 3.9575 bu.
July Wheat delivery went up 14.75c, or 3.05% to close at 4.99 bu.
July Soybean were up 5.25c, or 0.51% to settle at 10.3925 bu.
CBOT Wheat continued its rally in the 2nd day running with sharp gains, on short- covering after prices fell to the lowest level in a week.
The CBOT traders are also paying attention to conditions of Key overseas Wheat producers. The eastern Australian drought is deepening with the forecast for another two weeks of hot and dry weather.
Soybean got some support from US President Donald Trump’s confirmation Tuesday that he would send his Treasury Secretary and a high-ranking team to China to start negotiations on the trade dust-up.
Additional support to Soybean came from reported shipping delay out of Argentina, which might turn some of demand for Soybean meal or Soybeans to the US.