Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture grains futures finished mixed Monday as bargain-buying boosted the prices of corn and wheat.The most active Corn contract for December delivery rose 1.5 cents, or 0.4%, to 3.7625 bu.

September Wheat delivery went up 1.75 cents, or 0.4% to 4.41 bu.

November Soybeans fell 6.75 cents,or 0.71%, to 9.3825 bu.

Last Thursday, the US Department of Agriculture (USDA) crop forecast turned out to be well above average trade estimates, which led to sharp declines in futures prices.

Thanks to bargain-buying during Monday’s session, the prices of Corn and Wheat futures bounced moderately.

However, the rises were limited as the USD rallied amid eased tensions between Washington and Pyongyang.

Traders are also watching moderate rainfall move across agricultural State of Iowa. The near term forecast also includes net boosts in soil moisture for much of the western Corn Belt, which is too late to materially affect Corn yield potential, but is no doubt viewed as timely for Soybean.

The weather pattern put more pressures on Soybean, which suffered further losses Monday.

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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