Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture commodities finished mixed Wednesday, with Soybean futures rising on expectations that a drought-reduced crop in Argentina would buoy demand for US supplies.

Abundant global supplies and weather improvement in US plains weighed on Wheat futures, while Corn futures rose slightly on traders’ Short covering.

The most active Corn contract for March delivery rose 0.25c, or 0.07% to close at 3.6575.

March Wheat delivery went down 2c, or 0.45% to close at 4.4725 bu.

March Soybean rose 7.75c, or 0.75% to close at 10.3425 bu.

CBOT brokers report that funds Wednesday bought 3,400 contracts of Corn and 4,100 contracts of Soybeans, while being flat in Wheat. Funds are on the Long side of the CBOT and are building a large net Long Soybean positions.

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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