Chicago Agriculture Commodities Traded Higher

Chicago Agriculture Commodities Traded Higher

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture commodities traded higher Monday, with Wheat futures rising more than 1% as weather forecasts showed little rain relief for dry Wheat crops in the US Plains or drought-affected grain belts in major exporter Argentina.

The most active Corn contract for May delivery rose 2c, or 0.52% to close at 3.8725 bu.

May Wheat delivery rose 9.25c, or 1.85% to close at 5.0925 bu.

May Soybean rose 6c, or 0.61% to close at 10.775 bu.

CBOT floor brokers report that funds Monday bought 2,400 contracts of Wheat, 3,300 contracts of Corn, and 1,700 contracts of Soybean. In Soy products, funds have sold 1,100 contracts of Soymeal and bought 3,100 contracts of Soyoil.

As for international market, a few thunderstorms dotted Argentina overnight with rain totals of 0.1 to 0.7 in and coverage placed at 30%.

The Argentine weather forecast maintains an arid flow for the next 10 to 14 days with there being no evidence of the big soaking rain to ease the 4-month drought.

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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