Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed


Chicago Board of Trade (CBOT) agriculture commodities finished mixed Thursday, Wheat and Corn futures bounced up, as investors added buying after 3 central bank (US Fed, BOJ, RBNZ) meetings fueled a sell off in the USD, Soybean closed lower.

Corn led the gains as the most active corn contract for July delivery rose 6.5 cents, or 1.69%, to close at 3.9125 bu.

July Wheat delivery added 2 cents, or 0.41%, to close at 4.855 bu.

Soybean for July delivery lost 1 cent, or 0.1%, to close at 10.275 bu.

The USD showed weakness for a 5th session running Thursday, driving Chicago grains higher, after Japan’s Central Bank failed to offer any new monetary stimulus as expected, and the US Fed continued to put off raising interest rate.

Agriculture analysts noted a stronger USD can be a negative for agriculture commodities priced in USD’s, as it makes them more expensive for non-Dollar users, and a weaker USD can support US$-denominated commodities.

The US Department of Agriculture (USDA) said Thursday in its weekly export sales report that for the week ending 21 April, the United States witnessed exports of Soybean going down by 18% from the prior week and by 20% from the prior 4-week average.

Corn export sales were down 15% from the previous week and 4% from the prior 4-week average, Wheat exports were down 6% from the previous week, but up 16% from the prior 4-week average, according to the report.

Agriculture analysts said the weekly US export sales were better than expected in Corn and old crop Wheat.

July Soybean Thursday ended a bit lower on talks the Soybean harvest in Argentina continued to gain speed with yields reported as better than expected in all but the extremely flooded area.

Stay tuned…

Paul Ebeling

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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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