Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed

$WEAT, $CORN, $SOYB

Tuesday, Chicago Board of Trade (CBOT) agriculture grains futures finished mixed with Corn futures rising for a 2nd straight session on a slower-than-average start to planting in the United States and forecasts for Midwest rains that will stall further progress.

Soybean prices retreated after hitting a 3-week high in the previous day as government data showed a faster-than-expected pace of new crop plantings.

The most active Corn contract for July delivery rose 6.25 cents, or 1.71%, to settle at 3.7175 bu.

July Wheat delivery rose 7.75 cents, or 1.85% to 4.27 bu.

July Soybean dropped 6.75 cents, or 0.69%, to 9.65 bu.

Bearish traders are focused on speedy planting after a government report showed about 17% of the corn Crop was in the ground as of last Sunday, only 1% behind the 5-year average, according to the US Department of Agriculture (USDA).

Producers, hedgers, and money managers were concerned leading up to Monday’s Crop Progress report that the pace was still well behind normal, but the USDA note dispelled those fears.

Soybean was 6% seeded, 2X the 5-year average, the government said.

Wheat futures rose, led by the Spring and hard red winter Wheat contracts, as a weakening USD raised hopes for better US export demand. Slower-than-normal planting further supported Spring wheat.

The USD fell to a fresh 5.5-month low against a basket of major currencies, raising the buying power of some importers.

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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