Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed


Chicago Board of Trade (CBOT) agriculture grains futures finished mixed Thursday in technically driven trade as investors squared positions toward the end of the year and the USD firmed.

The most active Corn contract for March delivery rose 1.5 cents, or 0.43%, to 3.4975 bu.

March Wheat delivery added 3.25 cents, or 0.81%, to 4.0475 bu.

January Soybean fell 3.75 cents, or 0.37%, to 10.1275 bu.

In the Soy product markets, March Meal again had resistance against the 200-Day MA, while the March Soyoil closed under the 100-Day MA for the 1st time since September. Commodity fund traders were estimated sellers of 5,000 Soybean, 2,500 Soymeal, and 3,500 Soyoil contracts.

Planting progress in Argentina was estimated 84% complete by the Buenos Aires Grain Exchange. The Exchange maintains a total area planted estimate of 19.6-M hectares, which leaves 3.1-M left to be planted.

Planting progress is still slightly behind both last year and the 5 year average, but producers have maintained an average planting pace of just over 1.9-M hectares per week this year. With cooperating weather the MY 2016/17 planting season could be completed in the next 2 weeks.

The export sales report will be the highlight Friday, followed by very uneventful trading in the last day of the year.

US agriculture grain prices are giving back some of their gains from Tuesday.

Weather markets are famous for this action, and that is what the market is doing – keeping a close eye on the weather in South America. Year-end positioning is taking place in here.

Have a Happy New Year!

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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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