Chicago Agriculture Commodities Finished Higher
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) grains futures finished higher Monday as short covering drove up Wheat and Corn prices sharply.
The most active Corn contract for December delivery rose 6.75 cents, or 1.96%, to 3.5125 bu.
December Wheat delivery climbed 10.75 cents, or 2.52%, to 4.3675 bu.
November Soybeans went up 2 cents,or 0.20%, to 9.8075 bu.
Agriculture analysts said today’s rally was mostly a function of fund Short covering. Funds through last Tuesday expanded their net Short positions modestly, but they have been further expanded since.
The general expectation is that US Corn harvest will reach 50-55% complete, while Soybean harvest will surpass 80% finished in the next 2 weeks. The rainfalls during the weekend might slow Corn and Soybean harvests in parts of the Midwest, but they will not pose major problems.