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 Wednesday, with Wheat futures dropping over 2%, as investors booked profits after prices Tuesday reached the highest mark in 10 months.

Corn and Soybean futures were lower as planting progress moved along quickly again last week. Growers were 92% finished with Corn seeding as of Sunday, up from 81% a week earlier, according to the US Department of Agriculture (USDA).

Soybean were 77% planted, up from 56% a week ago and well ahead of the prior 5-year average of 62%, according to the USDA.

The most active Corn contract for July delivery dropped 6.5c, or 1.63% to close at 3.935 bu.

July Wheat delivery fell 14.5c, or 2.7% to close at 5.22 bu.

July Soybean delivery went down 7.5c, or 0.73% to close at 10.23 bu.

As for weather in agriculture belt, thunderstorms are forecast for parts of the Southern US Plains but the odds are only 30% chance the area will see rainfall, according to the National Weather Service.

After Wednesday, there will be little chance of precipitation for at least 2 weeks, and temperatures are expected to be over 90F.

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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