Chicago Agriculture Commodities Finished Mixed on the Week

Chicago Agriculture Commodities Finished Mixed on the Week

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture grains futures finished lower Monday as funds increased short positions in Corn, Wheat and Soybeans.

The most active Corn contract for December delivery fell 2.5 cents, or 0.71%, to 3.51 bu.

December Wheat delivery slid 7.25 cents, or 1.67% to 4.28 bu.

November Soybean went down 3.25 cents,or 0.34%, to 9.4125 bu.

CBOT brokers reported that funds sold 4,500 contracts of Corn, 3,600 contracts of Wheat, and 2,300 contracts of Soybean.

Russian Wheat yields continue to be impressive, with some traders now expecting a crop of 90-M tonnes this year. With already redundant supplies at world wheat market, the Russian factor put further pressure on the Wheat futures.

The massive flooding across southeastern Texas has pushed up the prices of unleaded gasoline and diesel as key US refineries are expected to be shuttered for weeks.

Reduced US refining capacity will impact Ethanol demand, but the degree is uncertain. Traders are now following the situation closely, which they think will influence the prices of Corn futures.

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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