Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture grains futures finished mixed Tuesday with Corn futures falling nearly 2% on a mix of profit-taking after multi-month highs, improving weather in Argentina and uncertainty about how US trade policy will affect exports.

The most active Corn contract for March delivery dropped 6.5 cents, or 1.69%, to 3.6325 bu.

March Wheat delivery fell 6.5 cents, or 1.5%, to 4.2675 bu.

March Soybean rose 0.75 cents, or 0.07%, to 10.585 dollars per bushel.

Corn was the biggest mover on a percentage basis, turning lower after rising in early moves.

Corn got a boost when the US Department of Agriculture (USDA) said private exporters in the last day sold 125,000 tonnes of the feed grain to unknown destinations.

But some agriculture analysts cited worries about prospects for US agriculture trade, given President Donald Trump’s plan to renegotiate the North American Free Trade Agreement (NAFTA) with Mexico and Canada and his abandonment of the Trans Pacific Trade Partnership (TPP) with other countries.

Mexico’s economic minister said the country could pull out of NAFTA if a renegotiation of its terms does not benefit its economy.

Soybean futures were on track for a fourth straight decline, pressured by forecasts of better crop weather in Argentina following floods this month that threatened crops.

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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