Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed

$SOYB, $CORN, $WEAT

Chicago Board of Trade (CBOT) agriculture grains futures finished mixed Monday with Soybean futures rising for the 7th day running, led higher by strong export demand gains in the Soymeal market.

The most active Corn contract for March delivery unchanged at 3.5825 bu.

March Wheat delivery dropped 3 cents, or 0.72%, to 4.165 bu.

January Soybean rose 10 cents, or 0.96%, to 10.56 bu.

Soybean prices rallied for a 7th straight session. The US Department of Agriculture (USDA) Monday said more than 2-M tonnes Soybean were inspected for export last week, which neared the high end of agriculture analyst expectations.

Soybean inspections, as well as export sales, have been unusually strong for this time of year. That is welcome news for US farmers, who recently harvested what is likely to the biggest crop on record and are looking to export markets to help eat into ample supplies of the Oilseed.

Chicago Board of Trade (CBOT) Wheat and Corn futures fell for the 3rd day running, pressured by poor export prospects and ample supplies of the grains.

Wheat prices fell to a 3-month low, pressured by an outlook for improving US growing conditions and abundant supplies of the grain. Analysts said forecasts for rainfall in Key US Wheat-growing states in the southern Plains: Kansas, Oklahoma and Texas, could ease dryness there, which could be helpful for crop yields.

The wetter forecasts come amid an oversupply of grain in the US, and abroad, where inventories are at an all-time high.

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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