Chicago Agriculture Commodities Finished Overall Higher

Chicago Agriculture Commodities Finished Overall Higher

Chicago Agriculture Commodities Finished Overall Higher

$SOY, $WEAT, $CORN

Chicago Board of Trade (CBOT) agriculture commodities finished mostly higher Wednesday, with soybean futures rising slightly after plunging over 30c in the past 2 sessions runnning, as market partly digested the impact of trade tensions.

CBOT Wheat futures rose on bargain buying after a 3-session sell-off pushed the September delivery contract to 1-week lows, traders said.

Corn futures ended Flat, consolidating after recent declines and as investors awaited 2 Key US government crop reports later this week.

The most active Corn contract for July delivery finished flat to unchanged at 3.525 Bu.

September Wheat delivery added 5.5c, or 1.14% to close at 4.885 Bu.

November Soybean delivery went up 1.5c, or 0.17% to close at 8.89 Bu.

Some investors are coming back into the market after Soybean prices plunged to the lowest level in recent years.

The CBOT market is anxious to see US and Chinese Soybean trade to return to normal.

According to the latest Weekly Crop Progress Report by the US Department of Agriculture (USDA), 73% of US Soybean crop is rated the highest rating for this time of year in 30 years.

Traders also are looking ahead to Friday’s Acreage and Quarterly Stocks Report, in which they expect the USDA to raise its US Corn and Soybean planting estimates from prior-month forecasts.

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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