Chicago Agriculture Commodities Finished Lower

Chicago Agriculture Commodities Finished Lower

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture grains futures finished lower Thursday with Wheat and Soybean futures tumbling nearly 5% in a technical sell-off amid outlooks for slightly cooler temperatures and chances for rain next week in US Midwestern growing regions.

The most active Corn contract for December delivery dropped 15.75 cents, or 3.95%, to 3.83 bu.

September Wheat delivery fell 25.25 cents, or 4.7% to 5.1175 bu.

November Soybean fell 46.5 cents, or 4.5 percent, to 9.875 bu.

Wheat, Corn and Soybean extended steep losses from Wednesday that followed a US Department of Agriculture (USDA) monthly supply-and-demand report showing relatively robust global stockpiles of the crops.

In its report, the USDA pegged the US MY 2017/2018 corn ending stocks at 2.32-B Vs the average estimate of 2.181-B bu and last month’s 2.11-B bu.

The USDA sees US MY 2017/2018 Soybean ending stocks at 460-M bu Vs the trade’s estimate of 495 -M bu and USDA’s June estimate of 495-M bu.

The US MY 2017/2018 Wheat ending stocks are pegged at 938-M bu Vs the trade’s estimate of 876-M bu and USDA’s June estimate of 924-M bu.

Have a terrific weekend.

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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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