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 Soybean futures continuing to rise over unfavorable weather conditions in Argentina.

As of 1535 GMT, March Corn was up 1.5c at 3.53 bu, while March Wheat was down 1.5c at 4.2375 bu and March Soybeans up 7.75c at 9.8075 bu.

CBOT Soybean had kept an upturn for 4 sessions running since the US Department of Agriculture (USDA) reduced its projection for MY 2017-18 US output, and weather broadcasts said dryness would prevail again in soybean-producing areas in Argentina.

Now rumors were out among traders that the Argentina soybean crop could also be smaller than analysts had expected.

According to weather forecasts, southeastern parts of Argentina is expected to be hot and dry at least till the end of this month, with some rainfall in central Buenos Aires reaching only 10% of the country’s Soybean crop.

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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