Chicago Agriculture Commodities Finished Lower

Chicago Agriculture Commodities Finished Lower

Chicago Agriculture Commodities Finished Lower

$SOY, $WEAT, $CORN

Chicago Board of Trade (CBOT) agriculture commodities finished lower Tuesday, with a broad-based sell-off occurring due to US-China trade tensions.

China’s Ministry of Commerce said Tuesday that the US trade statement is contrary to the consensus the 2 sides previously reached in Washington.

“Whatever measures the United States takes, China has the confidence, capability and experience to defend the interests of Chinese people and the core interests of the country,” the Chinese Ministry said.

A stronger USD also exerted pressure on US agriculture products, making US grains less competitive on the world market.

The most active Corn contract for July delivery dropped 6c, or 1.48% to close at 4 bu.

July Wheat delivery fell 6.5c, or 1.2%, to close at 5.365 bu.

July Soybean delivery went down 11c, or 1.06%, to close at 10.305 bu.

According to a report released by the US Department of Agriculture (USDA) Tuesday, US private traders exported 67.1-M bu Corn, 21.2-M bu Soybeans, and 15.8-M bu Wheat for the week ending 23 May.

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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