Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed

$CORN, $WEAT, $SOYB

Chicago agriculture commodities finished mixed Monday with wheat posting sharp losses due to a firmer USD.

The most active Corn contract for December delivery went up 2 cents, or 0.58%, to 3.45 bu.

December Wheat delivery fell 5.25 cents, or 1.23%, to 4.22 bu.

January Soybean dropped 0.5 cent, or 0.05% to 9.90 bu.

CBOT brokers reported that funds bought 2,500 contracts of Corn, while selling 3,200 contracts of Soybean and 1,700 contracts of Wheat.

A stronger USD has made CBOT Wheat futures less competitive at international market with ample inventories.

As a result, the prices plunged Monday following a 2-day rally last week.

The US Soybean export sales are falling behind the official forecast looking for a 4% increase for the crop year as Brazil continues to offer old crop Soybean through December.

Short covering again supported the Corn futures, which closed with moderate rise.

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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