Chicago Agriculture Commodities Finished Lower

Chicago Agriculture Commodities Finished Lower

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture commodities finished lower Wednesday with Wheat and Soybean posting losses after consecutive gains in the past 4 sessions running.

The most active Corn contract for May delivery fell 2.25c at 3.87 bu.

May Wheat delivery went down 4.75c, or 0.97% to close at 4.8725 bu.

May Soybean were down 2.25c, or 0.21% to settle at 10.4775 bu.

Traders said it was mostly a quiet session in CBOT, with low volume at all markets.

Lowered estimates of MY 2017/18 US Soybean ending stocks and declined Argentine crop projection continued to support the Soybean prices during the morning session.

However, sell-off mentality prevailed later and the Soybean market closed in the negative territory.

CBOT Wheat, which saw significant increases in price recently due to unusually cold weather in the US plains, also reversed its uptrend as temperatures are rising sharply.

Agriculture analysts said markets now lack input needed to push to new highs.

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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