Chicago Agriculture Commodities Finished Higher
$CORN, $WEAT, $SOYB
Chicago Board of Trade (CBOT) agriculture commodities futures all closed higher Thursday as participants were encouraged by better-than-expected US export sales of Wheat, and Soybean.
The most active Corn contract for Dec delivery added 5.5 cents, or 1.45%, to close at 3.8375 bu.
Sept Wheat delivery gained 0.25 cent, or 0.05%, to close at 4.965 bu.
Nov Soybean rallied 6.75 cents, or 0.72%, to close at 9.50 bu.
The US Department of Agriculture (USDA) said Thursday in its weekly export report that for the week ending 23 July the U.S saw net sales of 699,400 tonnes of Wheat for delivery in MY 2015/2016, + 39% from the previous week and 86% from the prior 4-week average.
Corn net sales were at 364,900 tonnes, + 63% from the prior week, and down 13% from the prior 4-week average.
Soybean sales were at 416,700 tonnes, up noticeably from the prior week and from the prior 4-week average.
Analysts noted the data show a sign that a steep drop in prices in recent weeks has helped support foreign demand.
Extremely wet weather in June and early July raised concerns about agriculture grain crop damage and boosted prices. But the weather has since turned drier and overall more benign in recent weeks, easing those concerns and sharply reducing grain and Soybean prices.
The midday weather forecast showed mild and dry weather will persist for another 3-4 days. Another series of rain events are scheduled across the Eastern Plains and Midwest in mid- August, and this moisture is projected to be more widespread, according to the Global Forecast System model.
“Following recent dryness, this pattern shift will be welcomed, ” said a Chicago-based agriculture research institute.
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