Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed

$WEAT, $CORN, $SOYB

Chicago Board of Trade (CBOT) agriculture grains futures finished mixed Monday with Soybean futures touching a 3-week high on short-covering, as a weaker USD raised hopes for fresh export sales.

Corn futures edged higher on support from fund short-covering and worries over a slow start to Spring planting, while Wheat declined on abundant stocks.

The most active Corn contract for July delivery rose 1.75 cents, or 0.48%, to settle at 3.6555 bu.

July Wheat delivery dropped 1.75 cents, or 0.42% to 4.1925 bu.

July Soybean added 11 cents, or 1.14%, to 9.7175 bu.

Even though the southern states, Illinois and Nebraska will be above average for planting, the other states are behind average which will support the Corn short term.

Also, the weak USD and strong exports gave Corn and Soybean mild support Monday

The US Department of Agriculture’s (USDA) weekly crop progress report is expected to show US Corn planting was 15% complete as of Sunday.

The Commodity Futures Trading Commission’s (CFTC) weekly Commitments of Traders (COT)report also showed that non-commercial traders, a category that includes hedge funds, increased net short positions in CBOT Wheat and Soybean.

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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