Chicago Agriculture Commodities Finished Higher Friday
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) Corn, Wheat, Soybean extended their advances Friday after an official report showed weaker-than-expected Corn yields.
The most active Corn contract for Dec delivery advanced 12.75 cents, or 3.41%, to settle at 3.87 bu.
Dec Wheat gained 7.00 cents, or 1.46%, to close at 4.85 bu.
Nov Soybeans added 0.25 cents, or 0.03%, to close at 8.7425 bu.
On the week, Corn, Wheat and Soybean gained 6.61%, 3.69% and 0.89%, respectively.
Corn rose sharply to nearly 1-month high Friday after the United States Department of Agriculture (USDA) predicted a worse-than-expected drop in its Corn yields.
In its much anticipated monthly agriculture commodities report, USDA projected the average Corn yield at 167.5 BPA, down 1.3 bu from its August estimate of 168.8 bu While US ending stocks of Corn for MY 2015/16 are projected 121-M bu lower than earlier agency estimates.
The report put Soybean forecast at 3,935-M bu, + 19-M. Agriculture analysts noted that the rise went against market expectations, pressuring Soybean down following its release. However, in late day trading Friday, Soybeans recovered from early losses and settled a bit higher.
The big surge in Corn also helped Wheat advance Friday, agriculture analysts said.
The Weekly Export Report released Friday by USDA also supported Wheat. It reported net sales of 290,400 tonnes of Wheat for delivery in MY 2015/2016, which was up 5% from the prior week.
Have a terrific week.
HeffX-LTN
Paul Ebeling
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