Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed

$SOYB, $CORN, $WEAT

Chicago Board of Trade (CBOT) agriculture grains futures finished mixed Tuesday with Soybean futures rallying, as another round of export deals with Asian markets and concerns about dry weather in Argentina pushing grain prices North.

The most active Corn contract for March delivery rose 1.25 cents, or 0.35%, to 3.605 bu.

March Wheat delivery fell 1.5 cents, or 0.37%, to 4.0675 bu.

January Soybean rose 4.25 cents, or 0.41%, to 10.4775 bu.

Short covering lent support to Corn and Wheat futures but gains in the grains were limited by ample supplies.

Soybean received additional support from a rally in the palm oil market and technical buying after the market briefly dipped during the overnight trading session.

Malaysian palm oil futures hit their highest level over 4 years Tuesday, reversing losses earlier in the day, after data indicated that output fell at the beginning of the month.

The US Agriculture Department (USDA) Tuesday morning said that private exporters reported the sale of 198,000 tonnes of Soybean to China for delivery during MY 2016/17, and 378,000 tonnes of Soybean to unknown destinations, split between MY’s 2016/17 and 2017/18.

USDA also said that exporters sold 276,000 tonnes of Corn to South Korea for MY 2016/17 shipment. The deal helped buoy the Corn market after a choppy overnight session.

The wheat market has been searching for a foothold and traders said cold weather risks for US Wheat plus the prospect of lower plantings for the next US harvest could help prices.

But expectations for bumper crops in other parts of the world continued to hamper the agriculture grains market.

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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