Chicago Agriculture Commodities Higher On Excessive Rain
$WEAT, $CORN, $SOYB
Chicago Board of Trade (CBOT) Corn, Wheat and Soybean futures jumped Thursday on concerns that excessive rains in the Midwest grain belt could curb supplies.
The most active Corn contract for Jul delivery rose 10.00 cents, or 2.73%, to close at 3.765 bu.
Sept Wheat delivery added 14.75 cents, or 2.82%, to close at 5.38 bu.
Jul Soybean gained 18.50 cents, or 1.88%, to close at 10.0025 bu.
All 3 agriculture grains saw massive fund buying Thursday, funds bought around 17,000 contracts of Corn, 5, 500 contracts of Wheat, and 13,000 contracts of Soybean.
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The downpours across the US agriculture grain belt swamped fields in parts of Missouri, Illinois and Indiana, raising fears of lost yield potential.
Thursday, International Grains Council cut its forecast of world Wheat production by 4-M tonnes to a 3-yr low of 711-M tonnes, which some analysts said also pushed wheat higher.
The US Department of Agriculture said Thursday in its weekly US Export Sales Report that Corn net sales total at around 0.50-M tonnes for delivery in MY 2014/2015, down 21% from the prior week and 11% from the prior 4-wk average.
The same report said that Soybean net sales total at 0.12-M tonnes for MY 2014/2015, down 11% from the prior week and 37% from the prior 4-wk average.
Stay tuned…
HeffX-LTN
Paul Ebeling
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