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 falling on profit-taking.

The most active Corn contract for July delivery rose 2.5c, or 0.64% to settle at 3.9175 bu.

July Wheat delivery went up 7.75c, or 1.61% to close at 4.8925 bu.

July Soybean lost 4c, or 0.38% to settle at 10.5325 bu.

CBOT Wheat rose as diminishing prospects for rain in the southern US plains underpinned prices. Many farmers and experts said that the rainfall may be too late for the damaged crops.

Soybean futures were higher in the morning. Then profit-taking and concerns over trade tensions with China pushed the prices South into close.

China’s Ministry of Commerce (MOC) announced Tuesday that it will impose provisional anti-dumping measures on grain Sorghum imported from the US.

Starting Wednesday, importers of the product will be required to pay deposits with Chinese customs calculated based on a rate of 178.6%, according to the ministry.

A preliminary ruling by the MOC found that US companies dumped grain Sorghum on the Chinese market, and such imports caused substantial damage to the domestic industry.

US Soybean were already on the list of US products that Beijing vowed to levy retaliatory duty on, should Washington go ahead with a 25% import tariff on Chinese products worth $50-B.

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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