Chicago Agriculture Commodities Finished Lower

Chicago Agriculture Commodities Finished Lower

Chicago Agriculture Commodities Finished Lower

$SOY, $WEAT, $CORN

Chicago Board of Trade (CBOT) agriculture commodities finished lower Monday, with Soybean futures diving, as investors turned to technical selling amid ongoing China-US trade friction.

The most active Corn contract for December delivery went down 6c, or 1.61% to close at 3.67 bu.

September Wheat delivery fell 7.25c, or 1.41% to close at 5.08 bu.

November Soybean delivery dropped 22.5c, or 2.52% to close at 8.72 bu.

Investors were worried about the impact of trade frictions between the world’s Top 2 economies after the United States began imposing a 25% additional tariff on Chinese products worth $34-B Friday.

Accordingly, China canceled purchases of US Soybeans for delivery in the MYs 2017-2018 and 2018-2019, the US Department of Agriculture (USDA) said in a report Friday.

Improved growing conditions in the US Midwest also weighed Soybean and Corn before weekly government crop ratings later Monday as well as monthly supply and demand forecasts Thursday.

Stay tuned…

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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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