Chicago Agriculture Commodities Finish Higher On Weak USD
$CORN, $WEAT, $SOYB
A softer USD makes US agriculture grains more competitive on the world market. .DXY weakened after a report, later denied by US President Barack Hussein Obama, said he had called the strong dollar “a problem.”
Commodity funds maintain a large net short position in CBOT Wheat Monday, and some were covering positions ahead of the US Department of Agriculture’s (USDA) monthly supply/demand reports due Wednesday.
Analysts expect USDA in the reports to raise its forecasts of US old- and new-crop Wheat ending stocks and trim its global wheat ending stocks forecasts.
On the Chicago Merc US Wheat for July delivery was up 3.75 cents, or 0.73%, to trade at 5.2075 bu.
According to the US Department of Agriculture (USDA) , 44% of the US winter Wheat crop was rated good to excellent as of last week, down from 45% in the preceding week.
Trade in Global Markets with the World’s Leading Platform Open an account here , call us at 305 490 4116, or email us to get started.
The agency also said that nearly 71% of the spring Wheat crop was in good to excellent condition, up from 70% a week earlier, while 91% of the crop emerged, improving from 80% in the preceding weeks.
Later in the day, the USDA will release updated crop progress numbers for the week ended 7 June.
US Corn for Jul delivery inched up 1.62 cents, or 0.45%, to trade at $3.6263 bu.
Approximately 95% of the Corn crop was planted as of last week, up from 92% in the preceding week, according to the USDA, while Corn emergence rose to 84% last week from 74% a week earlier, above the 5-yr average of 79%.
On the Chicago Board of Trade (CBOT) Soybean for Jul delivery added 1.98 cents, or 0.21%, to trade at 9.4038 bu.
Nearly 71% of the Soybean crop was planted as of last week, according to the USDA, up from 61% in the prior week. Soybean emergence was 49% complete, improving from 32% a week earlier, while the 4 year average pace for the week is 45%.
Stay tuned…
HeffX-LTN
Paul Ebeling
The post Chicago Agriculture Commodities Finish Higher On Weak USD appeared first on Live Trading News.