Chicago Agriculture Commodities Traded Mixed
$CORN, $WEAT, $SOYB
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.
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.
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