Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed Friday

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture grains futures closed mixed Wednesday with Corn and Wheat prices edging higher as investors squared positions ahead of US Department of Agriculture (USDA) plantings and grain stocks data Friday.

Soybean futures fell to the lowest levels since October and Corn and Wheat each held above recent multi-month lows as ample global grain and oilseed supplies continued to anchor prices.

The most active Corn contract for May delivery rose 0.75 cents, or 0.21%, to 3.585 bu.

May Wheat delivery added 1c, or 0.24 % to 4.255 bu.

May Soybean fell 3c, or 0.31%, to 9.69 bu.

A senior agriculture market analyst, says that there is nothing really going on in the markets.

“Investors appear frozen in time, waiting for USDA to show us the truth on Friday. There was some short covering in the overnight market, but no one interested in buying here in this part of the world. Too many supplies on hand and too many acres of more supplies are coming.” the analyst says.

Commodity funds sold small amounts of Soybean futures contracts and were net buyers of Corn and Wheat futures, traders said.

Analysts said forecasts for wet weather across key US growing regions would likely limit support.

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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