Chicago Agriculture Commodities Finished Lower
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) Corn, Wheat, and Soybean all retreated Thursday capping a 6 day run-up, as the USD rallied Vs most major currencies.
The most active Corn contract for Jul delivery shed 4.75 cents, or 1.10%, to close at 4.265 bu.
Jul Wheat delivery declined 9.25 cents, or 1.78%, to settle at 5.1025 bu.
Jul Soybean fell 1.75 cents, or 0.15%, to close at 11.76 bu.
Agriculture analysts noted that stronger USD Thursday weighed on US agriculture commodities lower as a stronger Buck make them less competitive in the international market.
Some agriculture analysts said that Corn and Wheat settled lower on profit taking as they already advanced for 6th straight trading days. While profit-taking might also give some pressure on Soybean Thursday as beans had climbed to highest settlement in nearly 2 years after a 3 successive-day gainers.
The US Department of Agriculture (USDA) is scheduled to release its monthly World Agricultural Supply and Demand Estimates Report Friday. Some analysts also noted that traders were taking profits Thursday ahead of the report.
USDA released its weekly export sales report Thursday.
According to the highlights of the report, Corn net sales for MY 2015/2016 was rated at 1,558,900 tonnes till the week of 2 June, which were up 18% from the previous week and from the prior 4-week average.
USDA said that Wheat net sales for MY 2016/2017, which began on 1 June, totaled 223,800 tonnes.
As for Soybean, USDA said that net sales of 758,500 tonnes of Soybean for MY 2015/2016 were up from the previous week and 98% from the prior 4-week average.
USDA announced early Thursday in its daily export sales report system that private exporters reported export sales of 240,000 tonnes of Soybean for delivery to China during MY 2016/2017. USDA has already announced 3rd export sales in a row before Thursday.
On Thursday, USDA also announced export sales of 116,360 tonnes of Corn for delivery to unknown destinations.
Latest posts by Paul Ebeling (see all)
- Wall Street’s Key Stock Analysts Research Report - February 24, 2020
- President Trump’s “Your Fired” List has been Prepared - February 24, 2020
- Commentary: Paul Ebeling on Wall Street - February 23, 2020