Commodities Finished Lower Friday

$, $WEAT, $SOYB

Chicago Board of Trade (CBOT) Corn, and futures all finished lower Friday,as investors booked gains, and drier and warmer weather forecasts eased concerns that crops seeding or harvesting are delayed by heavy rains.

The most active Corn contract for Jul delivery lost 4.75 cents, or 1.33%, to close at 3.5325 bu.

Sept Wheat delivery shed 0.75 cents, or 0.15%, to close at 4.925 bu.

Jul Soybean fell 6.25 cents, or 0.64%, to close at 9.715 bu.

Prices of Jul Soybean Friday gave back some of the gains from the past 3 sessions after they hit the highest level in more than a month, as light profit-taking pressure and easing worries about slow planting progress.

Corn, Wheat futures came under pressure from improving weather forecasts that could promote Corn development and accelerate the Wheat harvest.

Wheat lost 2.6% last week after the US Department of Agriculture (USDA) lifted its production estimate for the winter Wheat crop as well as overall US ending stocks for MY 2015/16.

There are problems noted for US and World weather, which like last year, were not totally unexpected, the combined agriculture grains MY 2015/16 World crop sizes look to be record large which will cap fund short covering rallies.

The mid-day model had showers or storms occurring across the north central and the east central Midwest for the next 5 to 6 days with rainfall accumulations of 1.5 (about 38. 1 millimeters) to 2.50 ins, according to the mid-day Global System. and Kansas will be dry allowing for soils to firm enough to support large machinery again.

On the week, the most active Corn contract for Jul delivery rose slightly by 0.07%, Sept Wheat shed 3.53%, and Jul Soybean gained 3.35%.

Have a terrific weekend.

Tags

 
 
 
 

Enjoy this site? Please spread the word :)

RSS
EMAIL
SHARE