Chicago Board of Trade (CBOT) agriculture grains futures finished higher Wednesday with wheat jumping to its highest point for the past 6 weeks.
The most active Corn contract for December delivery rose 1.75 cents, or 0.50%, to 3.54 bu.
December Wheat delivery surged 7.75 cents, or 1.71%, to 4.615 bu.
November Soybean went up 2 cents, or 0.21%, to 9.655 bu.
The drought in US Midwest Wheat belt, which will impact negatively on the Winter Wheat, boosted its futures on the CBOT.
Agriculture analysts expect that the early harvested Corn and Soybean yields will be the best of the season with the later maturing crops impacted by the acute dryness across central and eastern Midwest.
In a related development, US President Donald Trump unveiled a framework for tax reform on Wednesday afternoon.
Secretary of Agriculture Sonny Perdue applauded the reform which will result in dramatic tax cuts for millions of Americans.
Secretary Perdue added that the proposed tax reform will prevent “too many family farms from being broken up and sold off to pay the tax bill.”
Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.