Chicago Agriculture Commodities Finished Higher Friday

Chicago Agriculture Commodities Finished Higher Friday


Chicago Board of Trade (CBOT) Corn, Soybean closed higher  Friday amid fresh export news from the US government and ongoing worries about unfavorable weather in South America, Wheat ended flat to unchanged.

The most active Corn contract for May delivery added 4.5 cents, or 1.2%, to 3.785 bu.

Soybean for May delivery rose 8 cents, or 0.84%, to 9.56 bu.

May Wheat delivery was unchanged at 4.5975 bu.

Corn prices extended gains to a 4th  session running Friday as the US Department of Agriculture(USDA) reported that more than 340,000 tonnes of Corn were sold to an unknown destination.

Agriculture analysts said speculators holding a large Short position in the Corn market, kept cutting their net-Bearish positions on worries that dryness in Brazil would curb output of some corn crops.

A weaker USD gave Chicago grains and Soybeans an upward jolt.

A stronger USD is Bearish for $-priced agriculture commodities, as it will make them more expensive for users holding other currencies.

On the week: the most active Corn contract for May delivery rose by 4.5%, May Wheat lost 0.1%, and May Soybean gained 4.3%.

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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