Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture commodities finished mixed as Wheat and Soybean futures posted losses on profit-taking Wednesday following days of gainers.

The most active Corn contract for March delivery remained Unchanged at 3.615 bu.

March Wheat delivery went down 5.5c, or 1.20%, to close at 4.5175 bu.

March Soybean fell 4.5c, or 0.45%, to settle at 9.9575 bu.

CBOT brokers reported that funds sold 2,500 contracts of Corn, 5,700 contracts of Wheat and 6,300 contracts of Soybean.

The dry weather and poor crop condition in US plains has pushed up CBOT Wheat prices in the past 5 sessions running, which reached 4 month highs.

After days of rally, it was also a corrective session for CBOT Corn and Soybeans. The Corn prices managed to stay the same at close while Soybean followed Wheat to decline over profit-taking.

Argentina reportedly received some rainfall in its far northwest provinces overnight, which might ease the drought. But some market observers argued this rain would have no significant impact on Argentine Soybean or Corn yields, as the area produces only 4% of the South American country’s crops.

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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