Chicago Agriculture Commodoties Finished Mixed Friday

Chicago Agriculture Commodoties Finished Mixed Friday

$CORN, $WEAT, $SOYB

Chicago Board of Trade (CBOT) agriculture grains futures closed mixed Friday with Soybeans reaching a new low since last October.

The most active Corn contract for May delivery inched down 0.5 cents, or 0.14%, to 3.5625 bu.

May Wheat delivery rose 3.75 cents, or 0.89% to 4.2475 bu.

May Soybean fell 15.25 cents, or 1.54 percent, to 9.7575 bu.

Traders said the 2-digit decline of Soybean was a result of rising forecasts for already record-high South American harvests, which dragged the futures of May Soybean well below the 10.00 bu psych mark.

Corn futures were further dragged down, hitting their lowest marks since January.

While the European wheat futures fell to their lowest in more than 3 months, the Chicago Wheat of May delivery rallied Friday thanks to bargain buying. A stronger EUR and a relatively weaker USD will make European Wheat more expensive and American wheat more competitive at markets.

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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