Chicago Agriculture Commodities Finished Mixed Friday
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture grain futures close mixed Friday, with Corn and Wheat recovering from multi-month lows on investor short covering.
The most active Corn contract for March delivery rose 4.75 cents, or 1.39%, to 3.4725 bu.
March Wheat delivery added 8.75 cents, or 2.21%, to 4.4025 bu.
January Soybean fell 2.25 cents, or 0.22%, to 10.275 bu.
Wheat prices jumped after marking a 3-month low in the prior session as hedge funds and other large investors bailed out of Bearish bets on the crop, boosting prices.
Short-covering in the Wheat market snapped a seven-day slide in prices brought on by massive domestic and world supplies of the grain.
Agriculture analysts said traders expected government data Friday to show speculative investors have grown significantly more pessimistic about Wheat prices, fueling moves to close bets that prices have further to fall in case the market stages an unexpected rally.
Corn benefited from strength in the Wheat market as well as investor short-covering and speculation over improving demand for dried distiller’s grains, an Ethanol by-product fed to animals.
Soybean prices declined for the 4th straight session, continuing to reverse a 7-day run-up in prices for the Oilseed.
Although traders are eyeing weather forecasts in Argentina for signs that dryness there could curb crop yields for a major US competitor, analysts said many are optimistic over South American crops, which compete with domestic rations in global markets.
Have a terrific week.