Chicago Agriculture Commodities Finished Higher
$CORN, $WEAT, $SOY
Chicago Board of Trade (CBOT) agriculture commodities finished higher Monday, with wheat rising more than 3% due to falling supply as a result of unfavorable weather conditions worldwide.
The most active Corn contract for December delivery rose 5c, or 1.33% to settle at 3.8125 bu.
September Wheat went up 16c, or 3.22% to close at 5.465 bu.
November Soybean were up 5.75c, or 0.65% to settle at 8.91 bu.
French Wheat futures were higher Monday as deepening drought hit Europe. Agriculture analysts said that Wheat fundamentals are just Bullish enough to drive EU, Black Sea, and Australian Wheat prices up as world millers chase supply.
The rally of Wheat, along with growing concern over regional dry spots across the US Midwest, led to the rise of CBOT Corn and Soybean prices.
CBOT Soybean futures posted gains for the 5th session running, as the price of Brazilian Soybean rose significantly