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 wheat prices rebounding following a 3-consecutive-day decliner.

The most active Corn contract for December delivery fell 2 cents, or 0.57%, to 3.495 bu.

December Wheat delivery rose 3.25 cents, or 0.73%, to 4.48 bu.

November Soybean went down two cents, or 0.21%, to 9.5525 bu.

The Corn and Soybean futures had posted gains last Friday when a Quarterly report released by the US Department of Agriculture (USDA) put both stocks below average trade estimates.

However, the on-going harvests of US Corn and Soybean pressure their prices, which are usually at seasonal low.

Wheat futures, which suffered losses for 3 sessions running due to last Friday’s negative stocks report, rallied Tuesday.

Egypt reported that it purchased 3 cargoes of Wheat from Russia Tuesday at an average FOB price of 199.o per tonne, 2.0 higher than an average price 2 weeks ago.

Along with the recent rally in Black Sea grain quotes, the price increases in world Wheat market gave additional support to the CBOT Wheat futures.

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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