Chicago Agriculture Commodities Extended Losses Friday
$WEAT, $CORN, $SOYB
Chicago Board of Trade (CBOT) Corn, Soybean and Whear extended their losses Friday.
The most active Corn contract for May delivery fell 1c, or 0.28%, to close at 3.595 bu.
May Wheat delivery shed 1.75 cents, or 0.39%, to close at 4.5225 bu.
May Soybean lost 2c, or 0.23%, to close at 8.635 bu.
The US Department of Agriculture (USDA) concluded its 2-day Agricultural Outlook Forum Friday and released its 1st formal grain outlook report for Y 2016, which agriculture analysts said is mainly Bearish on agriculture commodities, especially Corn and Wheat.
According to the summary of the report, US Corn ending stocks for MY 2016/17 are projected at 1,977-M bu by USDA, up 8% from MY 2015/16, USDA added that it’s the highest since MY 2004/05 when stocks last topped 2-B bu.
The US Wheat ending stocks increased 2% to 989-M bu, the highest stocks since MY 1987/88.
As for Soybean, agriculture analysts noted that Soybean continued its decline Friday as Brazil Soybean harvest advanced.
Technical selling also pressed the price of Corn, Wheat and Soybean lower Friday.
CBOT floor brokers reported that funds sold 6,000 contracts of cCorn, 2,100 contracts of Wheat and 2,500 contracts of Soybean before mid-day.
The stronger USD Friday extended additional pressure on US agriculture commodities as a stronger Buck make them more expensive for investors holding other currencies.
Based on the most-active contracts, Corn, Wheat and Soybean declined 2.18%, 1.36% and respectively on the week.
Have a terrific week.
HeffX-LTN
Paul Ebeling
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