Chicago Agriculture Commodities Finished Lower Friday
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grains futures finished lower Friday, as traders liquidated long positions ahead of a US holiday weekend, and following a fund-driven rally seen as lacking fundamental drivers
The most active Corn contract for March delivery fell 5.25 cents, or 1.41%, to 3.6825 bu.
March Wheat delivery fell 7 cents, or 1.54%, to 4.4775 bu.
March Soybean dropped 17.5 cents, or 1.65%, to 10.4375 bu.
The news is Bearish the Soybean market, as I am hearing a couple of Soybean cargoes switched form Pacific Northwest port to Brazil
The recent Wheat rally is considered overdone, and ownership internals have changed.
Corn peeked its head at 4.00, and has turned as well, as ownership reality settling in there.
Friday, the USDA announced fresh exports.
Private exporters reported to the US Department of Agriculture export sales of 194,112 tonnes of Corn for delivery to Japan. Of the total, 60,000 tonnes is for delivery during MY 2016/2017 and 134,112 tonnes is for delivery during MY 2017/2018.
The US Commodity Futures Trading Commission (CFTC) released its weekly Commitments of Traders report late Friday, which showed funds’ net positions in major commodities.
Traders await fresh US acreage forecasts from the US Department of Agriculture’s annual outlook forum this week. Preliminary forecasts released by the USDA in November projected a drop in US Corn plantings for Y 2017 and an increase in Soybean acreage.
The Wheat market will get an indication of international demand in a tender held Friday by Egypt. US Wheat was among the origins offered, but was not expected to rival cheaper bids of Black Sea wheat in the ongoing tender.
Have a terrific week.
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