Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture commodities finished mixed Monday with Soybean retreating from 1-year highs on profit-taking.

The most active Corn contract for May delivery rose 2.75c, or 0.73% to settle at 3.7725 bu.

May Wheat delivery went up 8.5c, or 1.83% to close at 4.7275 bu.

May Soybean fell 1.5c, or 0.14% to settle at 10.46 bu.

Deepening drought in Argentina pushed CBOT Soybean futures to new highs in more than 1 year during Monday morning trade. However, the prices reversed lower as profit-taking prompted sell-off.

Some of this rally triggered profit-taking, taking it off the board, but that does not take away the fact that there still is some trouble in South America with the crops.

Dryness in southern US plains continued to support wheat prices as many parts of the US states of Kansas and Texas were still suffering from dry weather.

Additional support came from frigid temperatures across the European continent, which sparked some worries that there may be some Wheat crop damage there.

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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