Chicago Agriculture Commodities Finished Lower Friday

Chicago Agriculture Commodities Finished Lower Friday


Chicago Board of Trade (CBOT) Corn, Wheat and Soybean all finished lower Friday before the US Independence Day Holiday long weekend.

The most active Corn contract for Dec delivery lost 4.25 cents, or 1.14%, to 3.67 bu.

Sept Wheat delivery fell 15.25 cents, or 3.42%, to 4.3025 bu.

Nov Soybean shed 15.75 cents, or 1.37%, to 11.375 bu.

On the week: Corn shed some 4.55% based on the most active month, Wheat fell 7.47%, Soybean advanced 5.47%.

Weather forecast favored heavy rains some fields in US Midwest, especially in Kansas and Missouri states in the weekend and next 7 days.

Agriculture analysts noted that rain weighed on Corn and Soybean as it eased the concerns about drier weather may dent the silking of Corn and the blooming of Soybean, boosting expectations of more Corn and Soybean supplies.

Wheat declined more on ample US and global supplies, according to analysts.

Wheat futures fell to a 10-year low as massive stocks and ever improving harvest prospects hammer the market.

According to an annual storage report released last Thursday by the US Department of Agriculture (USDA), Wheat stored on 1 June 2016 totaled 981-M bu, + 30% from a year ago.

USDA said Friday in its daily export report that private exporters reported export sales of 40,000 tonnes of Soybean Oil for delivery to China during MY 2016/2017.

Have a terrific week.

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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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