Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed


Chicago Board of Trade (CBOT) grains futures closed mixed Thursday, with Soybean firming on signs of resurgent export demand.

Corn drifted lower in subdued trade as the market awaited Key monthly reports due Friday from the US Department of Agriculture (USDA).

Wheat fell on plentiful supplies and technical selling, despite better-than-expected weekly export sales data.

The most active Corn contract for December delivery was down 1.25 cents, or 0.38%, to 3.3175 bu.

September Wheat delivery fell 5.5 cents, or 1.3%, to 4.1625 bu.

November Soybean rose 1.75 cents, or 0.18%, to 9.84 bu.

Soybean rose after the USDA reported export sales of US Soybeans totaling more than 3-M tonnes in the week to 4 August, topping agriculture analysts’ expectations.

In addition, the USDA confirmed sales in the last day of 129,000 tonnes of US Soybean to unknown destinations and another 120,000 tonnes to China.

However, upside momentum was limited in grains trade as brokers positioned for the USDA’s monthly supply/demand reports, which will include the government’s first estimates of US Y 2016 Corn and Soybean yield based on field surveys.

Weather remains largely favorable, with rains crossing much of the Midwest this week as the corn crop fills kernel and soybeans set pods.

Wheat futures fell by a few cents a bushel on technical selling and ample global supplies.

The market dozed as USDA reported weekly export sales of US Wheat above 600,000 tonnes, a 5-week high that topped trade expectations.

Wheat traders will be watching Friday for revisions to the USDA’s world outlook in light of poor harvests in western Europe and bumper crops in the Black Sea region.

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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