Wheat futures traded higher as concerns regarding drought pushed prices .

Grains’ futures ended Wednesday’s session in mixed territories; Soybean futures were lower on Wednesday after ending Tuesday’s session higher, supported trade war talks, while Wheat futures were trading higher as concerns regarding drought pushed prices higher.

In terms of weather news, expectations show warmer temperatures in the central U.S. next week, with temperatures reaching slightly-above-normal levels through early next week in parts of the Midwest and Plains. Moreover, forecasts show some moderate rain in the Midwest through the fifth of August.

In oil space, oil prices fell on Thursday’s session after U.S. stockpiles of crude rose unexpectedly and by higher OPEC production, causing a glut in supply.

The U.S crude oil inventories rose by 3.8 million barrels much higher than the expectation of a 2.8 million barrels decrease.

U.S. Crude Oil fell on Wednesday to close at $67.84 a barrel also Brent fell to trade at $72.49 a barrel. On today’s session, WTI fell to trade at 67.03 USD per barrel while Brent traded at 72.92 USD per barrel at 10:00GMT.

Wheat

CBOT Wheat September prices rose on Wednesday to end the higher at $5.59 a bushel, while it rose on today’s to trade at $5.66-2/4 a bushel at 10:00 GMT.

In exports, ahead of USDA’s weekly export report, analysts expect the agency to report between 7.3 million and 16.5 million bushels of wheat sales for the week ending July 26.

Moreover, heat and drought in Germany could reduce the country’s winter Wheat production by almost 25 percent compared to last, landing around 661.4 million bushels, according to a German farmers association.

Regarding corp conditions, according to Monday afternoon’s USDA Crop Progress report, Wheat crop condition declined by 1 percent from the prior week to 78 percent, analysts were expecting the number to fall to 77 percent.

Preliminary volume estimates were for 206,672 CBOT contracts, moving moderately ahead of Tuesday’s final count of 179,233.

Corn

CBOT Corn September contract fell on Wednesday’s to end the session lower at $3.65-1/4 a bushel, while on today’s session it rose to trade higher at $3.68-1/4 a bushel at 10:00 GMT.

Regarding USDA’s weekly export report, trade analysts are expecting the agency to report between 37.6 million and 55.1 million bushels of corn sales for the week ending July 26.

According to USDA’s estimates, 462.7 million bushels of Corn were used to produce Ethanol in June, up by 5.9 percent.

Expectations showed that USDA would lower its crop quality ratings by 1 percent to 71 percent rated good to excellent. However, the agency maintained its estimations at 72 percent.

Preliminary volume estimates were for 358,954 contracts, down moderately from Tuesday’s final count of 415,952.

Soybean

CBOT Soybean futures also ended Wednesday’s session lower at $8.92 a bushel losing nearly half of Tuesday’s gains. Meanwhile, it fell on today’s to trade at 8.85 USD per bushel at 10:00 GMT.

Regarding USDA weekly export report, trade analysts expect the agency to report between 20.5 million and 44.1 million bushels of Soybean sales for the week ending July 26.

Analysts also expect USDA to report an additional 50,000 to 350,000 metric tons of Soymeal sales last week,

In terms of crop quality, USDA also held the 2018 U.S. Soybean crop quality steady, at 70 percent rated good-to-excellent.

Preliminary volume estimates were for 210,683 contracts, down moderately from Tuesday’s final count of 267,994.