Chicago Agriculture Commodities Finished Mixed Friday

Chicago Agriculture Commodities Finished Mixed Friday

$WEAT, $CORN, $SOYB

Chicago Board of Trade (CBOT) agriculture commodities closed mixed Friday, Wheat fell for a 4th session running on limited demand growth, Soybean rose on unfavorable weather.

The most active Corn contract for Dec delivery was unchanged, to close at 3.75 bu.

Dec Wheat delivery lost 6 cents, or 1.23%, to close at 4.8375 bu.

Nov Soybean added 6.5 cents, or 0.74%, to close at 8.855 bu.

Chicago Wheat Friday extended its decline into a 4th straight day as Egypt’s latest tender results indicated that world Wheat cash markets continued to drop on ample global supplies and limited demand growth.

Egypt Thursday bought just 55,000 tonnes of Wheat from Ukraine for Oct delivery at 177$/tonne, a lower price than offers quoted last night, according to agriculture analysts.

Soybean futures settled higher Friday, as markets found support from short covering and a warmer and drier weather forecast for next week.

The Global Forecast System showed the mean ridge position will progress into the Central Midwest Sunday, which is going to produce above normal temperatures for the Midwest, Delta and southern Plains into 7 September.

Agriculture grain analysts said the heat will cause stress for shallow rooted crops in the eastern and southeastern Midwest where soil moisture is lacking.

On the week, the most active Corn contract for Dec delivery lost 0.6%, Dec Wheat shed more than 4%, and Nov Soybean dropped by 0.45%.

Have a terrific week.

HeffX-LTN

Paul Ebeling

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