Wednesday, May 27, 2020

Chicago agricultural commodities down on profit taking

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Chicago Merchantile Exchange
Chicago Merchantile Exchange Trading | Phot by Getty Images / Scott Olson

CHICAGO, Dec. 8 (PNA/Xinhua) — Chicago agricultural commodity futures all traded lower Friday, as a stronger U.S. dollar and profit taking pressured prices.

The most active corn contract for March delivery fell 14.25 cents, or 1.9 percent, to close at 7.3725 dollars per bushel. March wheat edged down 1 cents, or 0.12 percent, to settle at 8.61 dollars per bushel. January soybeans fell 19 cents, or 1.27 percent, to close at 14.7225 dollars per bushel.

According to Chicago Mercantile Exchange (CME), March corn traded sharply lower into the closing bell following very disappointing export demand data released Thursday. Profit taking a stronger U.S. dollar pressured the broader commodity market.

March Chicago wheat traded slightly lower but managed to hold up rather well against sharp declines in corn and soybeans. A better than expected jobs report sent the U.S. dollar higher but negative political rhetoric with regard to a year-end tax reform kept outside markets shaky.

Market analysts say additional downside was due to profit taking as some expect export demand could be slashed in next week’ s report of the U.S. Department of Agriculture (USDA), which could increase the domestic carryout significantly.

In soybeans market, demand from China continued to add a bullish tilt and the USDA announced Friday morning that exporters sold 115,000 tons of soybeans to China for the current crop year. However, January soybeans traded sharply lower on weaker outside markets, profit taking, and pressure that spilled over from a sharply lower corn market. (PNA/Xinhua)
CTB/RSM

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