Chicago Agriculture Commodities Rallied Friday
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) Soybean, Wheat futures closed higher Friday as traders kept digesting crop reports released by the US government Thursday, and Corn prices bounced following the previous slump.
Chicago Soybean led the gains as the most active Soybean contract for May delivery added 7.5 cents, or 0.82%, to close at 9.1825 bu.
May Wheat delivery gained 2.25 cents, or 0.48%, to close at 4.7575 bu.
Corn for May delivery rose 2.5 cents, or 0.76%, to close at 3.54 bu.
Soybean prices Friday extended gains to the highest mark since 11 August 2015, after US Soybean planted area estimate in Y 2016 released by the US Department of Agriculture (USDA) in the prior session was lower than expectations, though US crop exports are slowing down.
The USDA said Thursday in its weekly export sales report that for the week ending 24 March, the United States witnessed exports of Soybean down by 18% from the prior week and 49% from the prior 4-wk average.
Corn export sales of 1,136,000 tonnes, a MY-high, were +14% from the prior week and 22% from the prior 4-wk average, Wheat exports were down 4% from the previous week and 13% from the prior 4-wk average. according to the report.
Chicago Corn futures regained their footing for the day as investors went bargain hunting after the prices fell by more than 4% in the prior session.
On the week, the most active Corn contract for May delivery fell by 4.32%, May Wheat gained 2.75%, while May Soybean added 0.85%.
Have a terrific week.
HeffX-LTN
Paul Ebeling
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