Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture grains futures finished mixed Tuesday with Soybean futures buoyed by worries about dry weather in parts of the US Midwest and reminders of strong export demand from China.

Corn futures fell, losing ground to Soybeans on inter-market spreads, while Wheat sagged on technical buying and sluggish export prospects.

The most active Corn contract for December delivery fell 3 cents, or 0.78%, to 3.8375 bu.

September Wheat delivery edged down 6.5 cents, or 1.4% to 4.57 bu.

November Soybean added 3.5 cents, or 0.36%, to 9.7375 bu.

The Soybean complex is benefiting from Bullish news, as Soybean is rising on dry weather forecasts and ongoing export sales.

China imported a record 10.1-M tonnes of world Soybeans in July with the crop year total pace exceeding the US Department of Agriculture (USDA) annual forecast of 91-M tonnes with just 8-M tonnes needed to be taken in August and September.

CBOT brokers estimate that funds have sold 4,200 contracts of Wheat, 6,600 contracts of Corn while buying 2,100 contracts of Soybean. In Soy products, funds have bought 1,000 contracts of Soymeal and 2,600 contracts of Soyoil.

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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