Chicago Agriculture Commodities Finished Higher Friday
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) Corn, Wheat and Soybean settled sharply higher Friday on bargain buying and dry weather concerns.
The most active Corn contract for December delivery added 14 cents, or 4.02%, to 3.625 bu.
September Wheat delivery rose 9.5 cents, or 2.23%, to 4.35 bu.
November Soybean gained 33 cents, or 3.22%, to 10.5775 bu.
Corn, Wheat and Soybean declined 1.23%, 1.10% and 7.01% respectively.
Agriculture analysts noted that bargain buying in Corn and Soybean after their sharply decline earlier this week supported Corn and Soybean on Friday. According to AgResource, the Chicago-based agriculture consultancy, CBOT floor brokers reported that funds have bought 6,200 contracts of corn and 7,200 contracts of soybeans before Midday.
The weather forecast favored hot weather in the US Midwest next week, analysts noted that weather forecast has boosted concerns that hot weather may dent the progress of Corn and Soybean, prompting funds technical buying in Corn and Soybean ahead of the weekend.
Fresh export news supported Soybean Friday as the US Department of Agriculture (USDA) announced in the morning that private exporters reported export sales of 35,000 tonnes of Soybean Oil for delivery to China during MY 2015/2016.
However, the USDA’s weekly export report brought some Bearish news. USDA pegged Corn net sales till week of 30 June at 369,800 tonnes for MY 2015/2016, – 21% from the prior week and 61% from the prior 4-wk average.
USDA rated Soybean net sales at 637,300 tonnes, -13% from the prior week and 14% from the prior 4-wk average.
As for Wheat: the agency said that Wheat sales were 825,300 tonnes for delivery in MY 2016/2017.
Some agriculture analysts noted that wheat followed Corn and Soybean higher Friday, while technical buying also supported wheat.
CBOT floor brokers reported that funds bought 6,200 contracts of wheat before mid-day Friday.
Have a terrific week