Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed


Chicago Board of Trade (CBOT) Wheat rebounded a bit Tuesday, Corn retreated and Soybean fell on a stronger USD.

The most active Corn contract for Jul delivery was down 0.25 cents, or 0.06%, to close at 3.975 bu.

Jul Wheat delivery added 2 cents, or 0.43%, to settle at 4.64 bu.

Jul Soybean declined 3.75 cents, or 0.35%, to close at 10.5475 bu.

Corn failed to hold early gains and settled lower as the USD showed strength. Agriculture analysts noted that a stronger Buck usually puts pressure on US commodities as a stronger USD makes them more expensive to other currency buyers.

The US Department of Agriculture (USDA) said in its weekly crop progress report released Monday after the market closed that the United States has planted 86% Corn during the week of 22 May, less than previous year’s 90%, but 1% higher than previous 5-year average.

Wheat rebounded on short covering after it shed for 4th straight trading session.

CBOT floor brokers estimated that funds bought 6,000 contracts of Wheat in the morning session, that according to a Chicago-based agriculture consultancy in its daily commentary.

The USDA’s weekly crop progress report rated 62% of Winter Wheat at excellent or good condition, unchanged for previous week but 17% higher than prior year.

Spring Wheat emerged was rated at 78%, 2% lower than previous year but 27% higher than previous 5 year average.

Soybean edged down on a strong USD, and lower Soybean meal.

The USDA report said 56% of Soybean were planted, unchanged from previous year, but 4% higher than previous 5-year average.

Stay tuned…

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Paul Ebeling

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