Chicago Agriculture Commodities Finished Lower

Chicago Agriculture Commodities Finished Lower

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture grains futures finished much lower Tuesday with Soybean posting more than 3% losses in response to better crop ratings.

The most active Corn contract for December delivery dropped 8.25 cents, or 2.14%, to 3.765 bu.

September Wheat delivery edged down 13.25 cents, or 2.79%, to 4.6125 bu.

November Soybean fell 35.5 cents, or 3.52%, to 9.7175 bu.

CBOT brokers estimated that funds sold 12,000 contracts of Soybean, 17,000 contracts of Corn, and 3,600 contracts of Wheat.

The massive sell-offs were prompted by a crop progress report released Monday.

The US Department of Agriculture reported that Soybean saw a 2-point improvement overall with 59% good to excellent, which led to the sharp decline for Soybean prices.

Although the same report showed 61% of Corn was good to excellent, down 1% from last week, the sell-off mode in the market also dragged its prices down.

Macro-economic factors also contributed to the CBOT selling, including a sharp fall in Crude Oil, said agriculture analysts.

Wheat futures settled lower as US farmers are preparing for the Spring Wheat harvest.

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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