Chicago Agriculture Commodities Finished Mixed Friday
$SOYB, $CORN, $WEAT
Chicago Board of Trade (CBOT) grains futures finished mixed Friday, with Soybean futures dropping as the weather outlook for the Midwest bolstered expectations of a huge harvest this Fall.
Prices for Corn and Wheat rose, recovering from early weakness on short-covering and technical buying.
The most active Corn contract for December delivery was up 1.75 cents, or 0.51%, to 3.4375 bu.
December Wheat delivery rose 0.5 cents, or 0.11%, to 4.4475 bu.
November Soybean fell 10 cents, or 0.99%, to 10.045 bu.
Timely rains in the Farm Belt are a good sign for the Soybean crop, which already is projected to hit record harvests, according to the USDA. August is the most important month for determining Soybean yields, and precipitation expected to continue over the next 2 weeks may boost crop yields even further.
Corn prices lifted, bolstered by investor short-covering and light buying despite government forecasts for bulging grain stockpiles.
The stronger USD limited corn’s gains. The Buck rose 0.4% Friday, according to the WSJ Dollar Index, making domestic agricultural products priced in USDs less affordable for foreign buyers.
Huge global supplies of Wheat and the USDA’s forecast for a record large US Corn harvest limited the gains in grains.
Have a terrific week