Chicago Agriculture Commodities Finished Higher Friday

Chicago Agriculture Commodities Finished Higher Friday

Chicago Agriculture Commodities Finished Higher Friday

$SOY, $WEAT, $CORN

Chicago Board of Trade (CBOT) agriculture commodities finished higher Friday, with Wheat futures rising over 2% on worries that adverse weather will lead to crop shortfalls in Key growing areas around the world.

Soybeans advanced for the 5th in 6 sessions on renewed Chinese buying of US export shipments, while Corn edged upward on spillover support from higher Wheat.

The most active Corn contract for July delivery rose 1.75c, or 0.43%, to close at 4.06 bu.

July Wheat delivery added 12.75c, or 2.4%, to close at 5.43 bu.

July Soybean delivery went up 5.75c, or 0.56%, to close at 10.415 bu.

CBOT brokers report that funds Friday have bought 3,400 contracts of Wheat, 2,200 contracts of Corn, and 3,100 contracts of Soybean. In Soy products, funds have bought 2,900 contracts of Meal while selling 3,000 contracts of Soyoil.

The international market

Russia’s SovEcon cut its Wheat production estimate to 77-M tonnes from 78.2-M tonnes Thursday due to adverse weather in some growing areas.

On the demand side, grain exports from the Russia continue at a record pace, the consultancy company said, and it shows that there is global demand for the grain.

Have a terrific week.

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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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