Chicago Agriculture Commodities Traded Higher

Chicago Agriculture Commodities Traded Higher

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture commodities traded higher Thursday, boosted by weather woes and strong export performance.

The most active Corn contract for May delivery rose 4.25c, or 1.11% to settle at 3.8625 bu.

May Wheat delivery surged 20.5c, or 4.14% to close at 5.155 bu.

May Soybean were up 12.5c, or 1.18% to settle at 10.68 bu.

Funds were back on the buy side as they continued to build Long positions.

CBOT brokers estimated that funds bought 4,300 contracts of Wheat, 4,200 contracts of Corn, and up to 4,000 contracts of Soybean.

Wheat again posted double-digit gains as funds ran to cover the last of their Short positions, while traders talked about winter-kill due to the dryness in the US southern plains and the severe cold in Europe.

As a result, CBOT Wheat prices rose above 5.o bu mark for the 1st time since last July.

Meanwhile, the deepening drought in Argentina and stronger-than-expected export sales of US Soybean continued to boost the prices, which reached 13-month highs.

Thursday, the US Department of Agriculture (USDA) announced additional Soybean sales. Private exporters reported the sales of 246,000 tonnes of Soybean for delivery to China and other destinations.

Have a terrific weekend.

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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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