Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) grains futures finished lower Wednesday despite some moderate early gains boosted by technical buying.

The most active Corn contract for December delivery fell 1.75 cents, or 0.50%, to 3.51 bu.

December Wheat delivery went down 2.5 cents, or 0.57%, to 4.355 bu.

November Soybean remained unchanged at 9.755 bu.

Agriculture analysts said technical buying once pushed up the futures of Corn and Soybean in early trading.

However, under the pressure of plentiful inventories and the progress of harvest in the US Midwest, the prices started to go down and settled lower.

Traders have learned that Brazil mulls duty-free wheat imports to fill a void enhanced by a disappointing domestic harvest. The plan is to allow in 750,000 tonnes of Wheat from any origin, without the 10% tariff.

USD extended its overnight losses, but not enough to improve the competitiveness of US grains in the world market.

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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