Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture commodities finished mixed Thursday with Soybean rising over better-than-expected export sales.

The most active Corn contract for May delivery rose 1.75c, or 0.45% to settle at 3.8875 bu.

May Wheat delivery went down 6.25c, or 1.28% to close at 4.81 bu.

May Soybean were up 13c, or 1.24% to settle at 10.6075 bu.

CBOT floor brokers reported that funds bought 4,500 contracts of Corn, 5,000 contracts of Soybean, while selling 5,500 contracts of Wheat.

Thursday the US Department of Agriculture (USDA) released its weekly export sales report for the period of 30 March to 5 April, which showed Soybean sales beat expectations, Corn within and Wheat below expectations.

The USDA reported export sales of 2,464,500 tonnes of Soybean, while the trade’s expectation was between 800,000-1,700,000 tonnes.

The Wheat sales stood at 188,700 tonnes with the trade’s expectation of between 250,000-650,000 tonnes.

Recently lowered estimates of US Soybean ending stocks and decreased Argentine crop projection offered additional support to the Soybean prices.

Meanwhile, improved weather forecasts with rain for the central US plains and sharply rising temperatures for the Midwest gave more pressure on CBOT Wheat futures, said market agriculture analysts.

Have a terrific weekend.

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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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