Chicago Agriculture Commodities Finished Mixed on the Week
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture commodities finished mixed on the week ended 13 April, with the Soybean prices rising by double digits as a result of higher export sales.
The most active Corn contract for May delivery fell 2.25c, or 0.58% weekly, to 3.8625 bu.
May Wheat delivery rose 0.25c, or 0.05%, to 4.725 bu.
May Soybeans went up 20.5c weekly, or 1.98%, to 10.5425 bu.
CBOT Soybeans rallied Monday in response to the news that 458,000 tonnes of Soybean were recently sold to an unknown destination, with more than 67% were for delivery in the current MY that ends on 31 August.
Higher demand for US Soybean was further confirmed Thursday when the US Department of Agriculture (USDA) released its weekly export sales report for the 30 March to 5 April frame, showing soybean sales beat expectations.
A total volume of 2,464,500 tonnes of Soybean were sold to foreign buyers, while the trade’s expectation was between 800,000-1,700,000 tonnes.
Despite an almost 2% weekly increase in Soybean prices, the uncertainty of the future US-Chinese trade relations remains a big concern for soy growers and traders.
CBOT Wheat saw a fluctuating week.
Last Monday, Wheat futures rose nearly 4% over concerns that unusually cold weather in the southern US plains and eastern Midwest hurt or would harm winter Wheat, as temperatures fell well below Zero degree Celsius in some areas during overnight hours and snow fell in the Midwest.
But the grain weakened toward the end of the week on improved weather forecasts with rain for the plains and significantly rising temperatures.
Additional pressure came from the newly raised outlook for both US and global stocks of Wheat, which made some investors sell their contracts before the weekend to lock in profits. Still, the most active May Wheat settled the trading week in the Green.
CBOT Corn traded in a narrow range, ending modestly lower after a dull week. If there is a poor planting forecast next week it could accelerate a bounce.
Have a terrific week