US Agriculture after the Closing Bell Report
Wheat futures were supported by spillover from neighboring pits, with Chicago and Kansas City posting slight to moderate gains. Minneapolis ended narrowly mixed. Funds bought an estimated 4,000 contracts of Chicago wheat Thursday. Early support came on spillover from weakness in the USD index, which fell on rumors Q-1 GDP from China to be released overnight will be stronger than originally thought.
Corn futures trimmed gains into the close to finish pennies higher in the nearby contracts. Sept Corn ended steady, with new-crop ending 0.02 lower to 0.005 higher. Funds bought an estimated 5,000 contracts of Corn Thursday. Corn had lots of news to pull support from this morning. The combination of a stronger-than-expected weekly export sales tally and help from positive outside markets returned buyers to the Corn pit.
Soybean futures were stronger throughout the session on Thursday, ending near session highs with gains of 0.19 to 0.2025 in old-crop contracts. Sept Soybean ended 0.1625 higher, with new-crop up 0.07 to 0.1375. Funds bought an estimated 7,000 contracts of Soybean Thursday. Futures were lifted by ongoing concerns about the South American crop, with the latest crop reduction coming from the Buenos Aires Grain Exchange, which lowered its Argentine bean estimate by 1-M metric tons (MMT) from last week to 44 MMT.
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Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels. Read the Terms of Service