Chicago Agriculture Commodities Finished Higher Friday
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished higher Friday on profit-taking as the ongoing harvest of big crops in South America continued to weigh on the market.
The most active Corn contract for May delivery rose 1.25 cent, or 0.33%, to 3.8075 bu.
May Wheat delivery rose 0.75 cent, or 0.93%, to 4.535 bu.
May Soybean added 0.25 cent, or 0.02%, to 10.375 bu.
Soybean notched the biggest declines on the week, as the South American export pace was expected to pick up after slowing dring the week.
At least 11 ships are facing delays in loading Soybean at Brazil’s northern ports after rains washed out roads and disrupted the progress of trucks carrying beans from the center-west region, Brazilian officials said Thursday.
Private researcher Informa raised its Brazil Soybean production forecast to 108-M tonnes from a prior outlook of 106.5-M tonnes. The US Department of Agriculture (USEA) pegged the country’s crop at 104-M tonnes, which would still make it easily the 2nd-biggest producer behind only the US. Informa also raised its projection for Corn output to 91-M tonnes from last month’s 89-M.
Soybean and Corn futures rose earlier last week, supported in part by reports of potential changes to US bio-fuel policy to boost production. Corn is the primary US feedstock for Ethanol and Soyoil is used in bio-diesel.
“The biofuel rumors in the US have thrown uncertainty and confusion back into the market. They come as U.S. farmers are deciding which spring crops to grow,” said a managing director at UK merchant Gleadell.
Russia, among the world’s largest Wheat exporters, is considering exporting part of its 4-M tonne state grain stockpile to free up storage space before the new crop arrives, industry sources said.
Have a terrific week
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