Roundup: Chicago agricultural commodity prices firm over the week
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E-mail Xinhua, November 26, 2017
CHICAGO, Nov. 25 (Xinhua) -- Chicago Board of Trade (CBOT) agricultural futures prices remained firm over the trading week which ended Nov. 24, but the latest export data indicated a disappointing picture for this crop year.
The most active corn contract for March delivery remained unchanged at 3.55 dollars per bushel. March wheat delivery rose 1.25 cents, or 0.29 percent, to 4.3475 dollars per bushel. January soybeans went up 2.75 cent, or 0.28 percent, to 9.9325 dollars per bushel over the week.
The U.S. Department of Agriculture (USDA) released its weekly export sales report on Friday. Trade observers have found that the sales totals well below levels to reach USDA's annual target.
For their respective crop years to date, U.S. wheat export sales stand at 624 million bushel, which are 7.5 percent behind last year. U.S. corn sales of 843 million bushel are 27 percent below last year, while U.S. soybeans sales are 17 percent less than the same period of last crop year.
CBOT corn futures ended this week unchanged, and remained stuck between an excessively large fund short position and a lack of bullish demand news. Although ethanol production in the U.S. rose to a record high last week, but inventories also increased, failing to support the corn futures.
Only severe and lasting dryness across the northern third of Brazil in Mar-May can materially alter the world corn balance sheet, said analysts with the AgResource Company.
CBOT wheat futures edged higher over the week, but no momentum can be found for any big rally with no incremental export demand in sight.
Abnormal warmth will continue in the Black Sea region for another few weeks, allowing Russian exporters to maintain a record pace of export shipments. Like corn, the wheat market is stuck, lacking fundamental input.
CBOT soybean prices were firm through this week. Commodity funds have been net long soybeans since late September. Fundamentally, U.S. soybean supplies are record large. With the harvest here nearly complete, traders are now switching their focus to the South American growing season. Enditem
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