Chicago Agriculture Commodities Traded Mixed

Chicago Agriculture Commodities Traded Mixed

Chicago Agriculture Commodities Traded Mixed


Chicago Board of Trade (CBOT) agriculture commodities traded mixed Thursday,as Wheat futures fell to a near 2-week low after the US Department of Agriculture’s (USDA) 1st official estimate of the 2018-19 US Wheat harvest came in above trade expectations.

Soybean futures rose, and Corn followed Wheat lower.

CBOT July wheat settled down 4c at 5.065 bu

July Soybeans rose 5.5c to 10.2125 bu, and

July Corn fell 0.75c at 4.02 bu.

Wheat declined after the USDA projected the total US Wheat crop for MY 2018-19 at 1.821-B bu above the average analyst estimate for 1.777-B and +5.5% from the prior year.

Winter Wheat grown in the southern US Plains has struggled with months of drought, but USDA said combined production of Spring and durum Wheat would increase 34% from the prior year.

Some analysts predicted USDA eventually would lower its winter Wheat production estimate, noting the crop’s immaturity.

USDA forecast world Wheat stocks would total 264.33-M tonnes by the end of MY 2018-19, -2% from its 2017-18 forecast of 270.46-M tonnes, an all-time high.

CBOT Wheat was also pressured by a smaller-than-expected weekly US Wheat export sales tally.

Soybean futures rose after USDA, in its 1st official supply/demand forecasts for the new crop year, projected 2018-19 Soybean ending stocks at 415-M bu. The figure was below trade expectations.

Corn futures eased with Wheat.

Corn futures drew underlying support from USDA’s forecast that global Corn ending stocks would fall to 159.15-M tonnes by the end of MY 2018-19, from 194.85-M tonnes in MY 2017-18 and below a range of trade expectations.

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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