Chicago Agriculture Commodities Finished Higher on the Week Ended 3 August
$CORN, $WEAT, $SOY
Chicago Board of Trade (CBOT) agriculture commodities finished higher on week ended 3 August.
The most active contract for December Corn rose 8c weekly, or 2.13%, to 3.8425 bu.
September Wheat delivery went up 25.75c, or 4.85% to 5.5625 bu.
November Soybean were up 17c, or 1.92%, to 9.0225 bu.
Soybean traded up and down during the week in hopes that Washington and Beijing could go back to the negotiating table. Short-covering on Friday drove up Soybean futures, the ended in the Green.
CBOT Wheat futures rose on declining world supply due to extreme weather conditions. Drough hit France, Germany, Black Sea area and Australia, all Key Wheat exporters.
Talks that Ukraine will cap its wheat export sales triggered panic, but an official denial gave some comfort to traders.
Russian Wheat prices moved higher over the last few weeks, driving world prices and US futures prices up too.
CBOT Wheat retreated Friday as a result of profit-taking, but the prices have reached 3-year highs, and the Bullish trend will likely continue.
Corn futures followed Wheat’s rally to 2-month highs. Like Wheat, major exporter stocks will be tight this year. Savvy market observers expect record large demand for US Corn export, which will push Corn North through harvest.
Last Monday, the US Department of Agriculture (USDA) released its weekly crop progress report, showing that Corn and Soybean good/excellent ratings remained unchanged from a week ago.
This Friday, the USDA will release its monthly supply and demand report, which will give an updated picture of agriculture commodity markets.
Have a terrific week