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 May Soybean delivery falling below 10.00 bu.

The most active Corn contract for May delivery rose 1.25 cent, or 0.35%, to 3.6225 bu.

May Wheat delivery settled Unchanged at 4.305 bu.

May Soybean dropped 6.75 cents, or 0.67%, to 9.9925 bu.

It is the 1st time since 6 January that Soybean futures dropped below the 10.00/bu mark amid expectations that overseas buyers would turn to Brazil and Argentina from the US to meet their supply needs.

The US Department of Agriculture (USDA) last week raised its projection for Brazilian Soybean output to 108-M tonnes from 104-M.

Corn seemed to have found support on export demand, following consecutive decline in the past 6 trading days. China has reportedly secured 3 cargoes of US Corn, with talk that the Top Asian buyer may be in the market for 500,000 tonnes.

Wheat closed flat, but snow storm and cold temperatures this week might threaten Winter Wheat in the US Midwest.

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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