Chicago Agriculture Commodities Finished Lower Friday

Chicago Agriculture Commodities Finished Lower Friday

Chicago Agriculture Commodities Finished Lower Friday

$SOY, $WEAT, $CORN

Chicago Board of Trade (CBOT) agriculture commodities finished lower Friday, with Corn futures falling as weather improves.

The most active Corn contract for July delivery fell 1.75c, or 0.48% to close at 3.6125 bu.

July Wheat delivery went down 2c, or 0.4% to close at 4.995 bu.

July Soybean delivery dropped 21.75c, or 2.35% to close at 9.055 bu.

Forecasts for crop-boosting weather in Key growing areas of the US Midwest pushed Corn futures to multi-month lows, as traders continue to sell off long positions in Corn futures.

Wheat futures also were lower, with investors also turned to technical selling on abundant global supplies.

Soybean futures dropped sharply as investors and private traders worried about shirking demand from major overseas market.

Old-crop Corn export sales topped expectations in the seven days that ended 7 June, according to a report released last Friday by the US Department of Agriculture (USDA).

Corn sales for delivery in MY 2017-2018 that ends 31 August totaled 936,400 tonnes last week, +12% from the prior week and 2% from the previous 4-week average.

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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