Chicago Agriculture Commodities Rallied Across The Board Monday
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) grain futures rallied to start the week on fund buying as traders expected a further cut in US Corn and Soybean yields by the US Department of Agriculture (USDA) next month following a Key government report showing reduced supplies of some crops last Friday.
The most active Corn contract for Dec delivery gained 6.5 cents, or 1.68%, to close at 3.935 bu.
Dec Wheat delivery added 16.25 cents, or 3.35%, to close at 5.0125 bu.
Nov Soybeans rallied 10 cents, or 1.14%, to close at 8.8425 bu.
Wheat prices rose Monday on reports that a recent freeze hit top grain-production regions in Brazil, a major importer of Wheat, which would lead to a potential fall in the nation’s output this season.
Agriculture grain analysts believe that a smaller domestic output could lead Brazil to increased demand for foreign supplies of Wheat, lifting futures prices for the crop.
The US weekly export inspections released by USDA Monday showed that Soybean inspections through the week ending 10 September totaled 370,901 tonnes, up almost 300% from the prior week, Corn shipments were 711,178 tonnes, down more than 21% from the previous week, and Wheat exports totaled 647,551 tonnes, up nearly 42% from the prior week.
Analysts said the Wheat and Soybean export totals were above trade estimates and considered supportive of futures trading of the 2 crops.
Stay tuned…
HeffX-LTN
Paul Ebeling
The post Chicago Agriculture Commodities Rallied Across The Board Monday appeared first on Live Trading News.