Chicago Agriculture Commodities Finished Up Monday
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture commodities closed higher Monday as funds piled into buying the Summer row crops, amid expectations that the US government might lower its crop acreage and yield estimates in a report due Wednesday.
The most active Corn contract for Dec delivery gained 17. 25 cents, or 4.5%, to close at 4.01 bu.
Dec Wheat delivery added 13.75 cents, or 2.67%, to close at 5.295 bu.
Nov Soybean rose 31.25 cents, or 3.24%, to close at 9.945 bu.
The newswires were quiet Monday, but Chicago Corn and Soybean rallied strongly as tightening new crop supplies are expected with traders’ average guess on MY 2015/16 yield in US Corn and Soybean being lower than US official estimates in July.
The US Department of Agriculture (USDA) will release its monthly World Agriculture Supply and Demand Estimates (WASDE) report Wednesday.
The US weekly export inspections released by USDA Monday showed that Soybean inspections through the week ending 6 August totaled 151,964 tonnes, down about 11% from the prior week, Corn shipments were 804,981 tonnes, down over 12% from the previous week, and Wheat exports totaled 365,986 tonnes, up 14% from the prior week.
Analysts said Corn shipments were weak, while Soybean and Wheat were within trade expectations.
For their respective agriculture crop YTDs, exporters have shipped 49,008,168 tonnes of Soybean, up 14% from last year; 41,919,817 tonnes of Corn, down 5%, and 3,508,893 tonnes of Wheat, down 23%.
Stay tuned…
HeffX-LTN
Paul Ebeling
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