Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed


Chicago Board of Trade (CBOT) grains futures finished mixed Monday, with Soybean futures rebounding by ongoing optimism over export demand.

Meanwhile, Corn and Wheat prices fell.

The most active Corn contract for December delivery was down 1.25 cents, or 0.36%, to 3.425 bu.

December Wheat delivery fell 9.5 cents, or 2.14%, to 4.3525 bu.

November Soybean rose 11.25 cents, or 1.12%, to 10.1575 bu.

With Monday’s sale, in 14 out of 15 days, the US has made fresh Soybean sales. Private exporters reported to the US Department of Agriculture (USDA) export sales of 120,000 tonnes of Soybean for delivery to unknown destinations during MY 2016/2017.

The marketing year for Soybeans began on 1 September.

Corn and Wheat futures fell, weighed down by a stronger USD and expectations that domestic growers will harvest big crops this year, piling onto already large grain inventories.

Prices for Corn closed lower despite disappointing yield reports from scouts on an annual crop tour through the Midwest, who  Monday traversed fields in Ohio and South Dakota to size up crops in the area.

Grain traders are keeping a close eye on dispatches from the Pro Farmer crop tour to see whether yield and condition reports help confirm, or add to doubt, over the USDA’s forecast for a 15.2-B bu Corn crop this year. Agriculture analysts said yield reports from the 2 states would likely be the worst of the tour as weather stress this year hit the far eastern and western parts of the Corn Belt.

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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