Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed

$CORN, $WEAT, $SOYB

Chicago agriculture commodities finished mixed Wednesday with wheat futures dropping nearly 2% on a technical sell-off.

Soybean futures firmed on seasonal strength as the Midwest harvest went down and a jump in Soy Oil tied to an unexpected monthly drawdown in domestic supplies.

Corn futures rose after the most-active December contract dipped to 3.37 bu, its lowest in a year.

The most active Corn contract for December delivery went up 0.75 cent, or 0.22%, to 3.3825 bu.

December Wheat delivery dropped 8 cents, or 1.87%, to 4.2 bu.

January Soybean added 8.5 cents, or 0.88%, to 9.7625 bu.

Agriculture grain analysts say that the markets are liking that the US harvest is nearing completion. “Grains are finding mild support as the US Corn and Soybean harvests reach their final stages. Plus, slow producer-selling helps the corn market, and continued strong demand from China gives support to the soybean complex.”

As for international markets, limited rain is expected across Argentina in the next 2 weeks. A few light showers are falling across Buenos Aries Wednesday morning. Dryness worry is expanding with a trend of below normal being expected into early December with intermittent heat.

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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