Chicago Agriculture Commodities All Finished Higher
$SOYB, $CORN, $WEAT
Chicago Board of Trade (CBOT) Soybean, Corn and Wheat all finished higher Tuesday as the USD weakened and Soybean exports were accelerating.
The most active Corn contract for Dec delivery rose 3.75 cents, or 0.98%, to close at 3.845 bu.
Dec Wheat delivery rallied 12.25 cents, or 2.42%, to close at 5.19 bu.
Nov Soybean added 26.5 cents, or 2.99%, to close at 9.14 bu.
Soybean prices rose nearly 3%, with active trading volume rising for 3 sessions running, as the US Department of Agriculture (USDA) reported US weekly Soybean exports were at 1.8-M/tonnes, above what is needed weekly to meet USDA projections for MY 2015/16, and a fresh export sale of 240,000/tonnes to China.
Chicago agriculture grain futures snapped their 4-session losing streak, supported by rising prices in Russia, a Key exporter, as the Russian Rouble had strongly rallied Vs the UDS, and the government lowered its outlook for harvest due to drier weather.
The US weekly agriculture export inspections released by the USDA Tuesday showed that Soybean inspections through the week ended 8 October, rose by 58% from the prior week, Corn shipments were up about 22% from the prior week, but Wheat exports marked a 48% fall.
For their respective crop years to date, the US has shipped 3,794,024 tonnes of Corn, down more than 23% from a year ago, 1,831,696 tonnes of Soybean, up about 12% from last year; and 8,323,608 tonnes of Wheat, down more than 17% from the prior year, according to the USDA.
Stay tuned…
HeffX-LTN
Paul Ebeling
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