Chicago Agriculture Commodities Finished Mixed

Chicago Agriculture Commodities Finished Mixed

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture grains futures finished mixed Thursday with soybeans rallying sharply due to decreased U.S. ending stocks.

The most active Corn contract for December delivery rose 3 cents, or 0.87%, to 3.49 bu.

December Wheat delivery went down 2.75 cents, or 0.63%, to 4.305 bu.

November Soybean soared by 26.75 cents,or 2.77%, to 9.92 bu.

The US Department of Agriculture (USDA) released its latest Supply & Demand report Thursday, pegging the Soybean ending stocks at 430-M bu, much less than 475-M bu announced last month. This sent the Soybean futures to almost 10.00 bu.

Meanwhile, the USDA estimated Corn stocks at 2.34-B bu, compared with its prior estimate of 2.335-B bu last month. A moderate rise, when considering the expected high yields of US Corn.

The US Wheat ending stocks were estimated at 960-M bu, which increased 2.89% from USDA last month’s estimate of 933-M bu.

With already redundant world supply, the latest US Wheat data led to the 4th decliner of its future prices running.

Have a terrific weekend.

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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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