Chicago Agriculture Commodities Finished Mixed Friday

Chicago Agriculture Commodities Finished Mixed Friday

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture grains futures closed higher Tuesday as technical factors kicked in to provide support.

Wheat futures climbed in a light rebound from multi-month lows set Monday, although forecasts for much-needed rains in the Plains Wheat belt kept a lid on gains, agriculture analysts said.

Corn also firmed while Soybean was choppy as traders adjusted positions ahead of a pair of Key crop reports due Friday from the US Department of Agriculture (USDA).

The most active Corn contract for May delivery rose 2 cents, or 0.56%, to 3.5775 bu.

May Wheat delivery added 3.75 cents, or 0.89% to 4.245 bu.

May Soybean was up 0.5 cents, or 0.05%, to 9.72 bu.

In the outside markets the DJIA finished + 150 points Tuesday

Cory Bratland, Kluis Commodities grain strategist, says that today’s market activity features more of a bounce from oversold conditions along with lack of any new Bearish news.

“Quiet trade, as traders position themselves ahead of the report out on Friday. Rallies, although very small, leading up to the report will be sold due to the large amount of bearish information out in the market place,” he said.

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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