Chicago Agriculture Commodities Traded Mixed Friday

Chicago Agriculture Commodities Traded Mixed Friday

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture commodities traded mixed Friday with Wheat futures sliding 3%+ on profit-taking.

The most active Corn contract for May delivery fell 1c, or 0.26% to settle at 3.8525 bu.

May Wheat delivery lost 15.5c, or 3.01% to close at 5.00 bu.

May Soybean were up 3c, or 0.28% to settle at 10.71 bu.

CBOT floor brokers reported that funds sold 3,400 contracts of Wheat, 2,300 contracts of Corn, and were net flat Soybean.

Wheat futures retreated as traders locked in profit after prices hit 7-month highs to settle at 5.155 in the prior session.

Meanwhile, better-than-expected export sales of US Soybean recently continued to support the prices, which marked 13-month highs.

The talk of possible trade war after President Donald Trump’s announcement to levy high tariffs on steel and aluminum imports has led to fears that the US agricultural commodities could be the potential target if other countries take retaliatory measures though very unlikely.

Have a terrific week.

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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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