Chicago Agriculture Commodities Finished Lower

Chicago Agriculture Commodities Finished Lower


Chicago agriculture commodities finished lower on Wednesday with soybeans retreating from a 7-week high.

The most active Corn contract for March delivery fell 1 cent, or 0.28% to settle at 3.5275 bu.

March Wheat delivery went down 7.5 cents, or 1.73%, to 4.2525 bu.

January Soybean lost 5.75 cents, or 0.57% to close at 10.0275 bu.

CBOT Soybean had posted sharp gains in the previous session amid concerns over dry weather pattern in Argentina and southern Brazil.

Wednesday, profit-taking trimmed the gains of Soybean, which still managed to keep above the 10.0 bu mark.

Another factor that led to the fall of Soybean was a correction by the US Department of Agriculture (USDA). It announced in the morning that a recent export sale of Soybean to China should be 393,000 tonnes, instead of 525,000 tonnes report issued in error.

Additional pressure came from a strong USD, as .DXY has risen for 3 days running, making CBOT commodities less competitive in international market.

Meanwhile, both Paris and Chicago Wheat futures declined Wednesday due to ample inventories.

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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