Chicago Agriculture Commodities Finished Lower

Chicago Agriculture Commodities Finished Lower

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture grains futures finished lower Monday with Soybean falling below the 10.0 bu mark on profit-taking.

The most active Corn contract for December delivery fell 2.25 cents, or 0.64%, to 3.505 bu.

December Wheat delivery went down 3.0 cents, or 0.68%, to 4.365 bu.

November Soybean slid 9.25 cents, or 0.92%, to 9.91 bu.

CBOT floor brokers reported that funds sold 3,200 contracts of Soybean, 4,000 contracts of Corn, and 2,500 contracts of Wheat.

The US Department of Agriculture (USDA) last week released its monthly Supply & Demand report, indicating less-than-expected ending stocks of US Soybean. This prompted massive funds buying which pushed up Soybean futures by almost 3% W-W.

However, profit-taking Monday sent Soybean prices back to less than 10.0 bu again.

Corn and Soybean futures got additional pressures from the ongoing US harvest and improved South American weather.

Australian Wheat prices have reportedly fallen sharply following recent rainfalls, which traders believe can ease the dry conditions there and improve yield prospects.

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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