Chicago Agriculture Commodities Finished Mixed Again Tuesday

Chicago Agriculture Commodities Finished Mixed Again Tuesday


Chicago Board of Trade (CBOT) Corn unchanged Tuesday, Wheat retreated, and Soybeans rose to a 1-week high.

The most active Corn contract for Jul delivery was Unchanged at 3.8525 bu.

Sept Wheat delivery shed 1 cents, or 0.22%, at 4.5725 bu.

Nov Soybean added 15.50 cents, or 1.40%, to at 11.2025 bu.

In its weekly crop progress report released Monday, the US Department of Agriculture (USDA) rated 75% of US Corn in good to excellent condition, unchanged from last week, but 7% higher than prior year.

In the report, USDA rated Winter Wheat harvested at 45%, compared with previous week of 25% and the 5-year average of 41%. Analysts noted that the numbers showed Winter Wheat harvest advanced, weighing on Wheat lower Tuesday.

In addition, USDA rated 62% of Winter Wheat in good to excellent condition, also higher than the number of prior week and previous year.

Soybean extended gains as USDA rated 72% of the US Soybean in good to excellent condition, which is 1% lower than last week’s 73%.

Additionally, the weak USD Tuesday helped Soybean higher, especially after USDA announced 2 export sales of Soybean. Monday, USDA announced that private exporters reported export sales of 150,000 tonnes of Soybean for delivery to unknown destinations.

Concerns of hotter and drier weather may dent the blooming of Soybean in some field in US Midwest extended pressure on Soybean, according to some agricultural analysts.

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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