Chicago Agriculture Commodities Finished Higher Tuesday
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) Corn, Wheat and Soybean finished higher Tuesday, led by Wheat, which rose more than 2% on the lower USD, and concerns about dry weather in the Black Sea region.
The most active Corn contract for Dec delivery added 4.75 cents, or 1.21%, to settle at 3.9825 bu.
Dec Wheat delivery advanced 10.75 cents, or 2.09%, to close at 5.2625 bu.
Nov Soybean was up 3.75 cents, or 0.42%, to close at 8.88 bu.
Agriculture analysts said that the lower USD helped Corn, Wheat and Soybean Tuesday, as the 3 major US agriculture commodities became more competitive comparing to other countries’ product.
The dryness in the Black Sea region and Australia, major rivals of US Wheat, raised expectation that they will export less Wheat, according to analysts.
The official data show a relatively slow pace of planting of US Winter Wheat also supported Wheat futures Tuesday.
The US Department of Agriculture released its weekly Crop Progress after the market closed Monday, saying that Winter Wheat planted till the week of 4 October was 49%, that lower than prior year’s 54%, also lower than 51% of last 5 years’ average.
Also, the Winter Wheat emerged ratio was lower than prior week and 5 year average.
The report said that Corn harvest up till the week of 4 October was 27%, Soybean harvest was 42%.
Analysts said that Corn and Soybean extended gains on technical buying ahead of a Key report from the USDA as traders expected the USDA will reduce its yield estimates for Corn and Soybean in the report.
Stay tuned…
HeffX-LTN
Paul Ebeling
The post Chicago Agriculture Commodities Finished Higher Tuesday appeared first on Live Trading News.