Grains’ Futures Closed Thursday’s Session in Mixed Territories

Grains’ Futures Closed Thursday’s Session in Mixed Territories

August 4, 2018 0 By Ali Hwary

Grains’ futures ended Thursday’s session in mixed territories; Soybean futures were lower on Thursday regarding U.S.-China concerns, while Wheat and Corn futures ended the session higher.

Regarding weather news, drought and weather distress pushed Corn prices moderately higher, while driving Wheat prices to reach its highest levels since summer 2015.

In oil pace, expecting a decline in the U.S. crude invesntories forced oil prices to stay steady, and the predictions of advancing global supplies held back oil prices from rising.

WTI Crude Oil rose on Thursday to close at 68.97 USD a barrel and currently trading higher for 69.04 USD a barrel. Moreover, Brent Oil rose on yesterday’s session to end at 73.43 USD per barrel, while trading now lower at 73.38 USD a barrel at 5:25 GMT.

 

Wheat

CBOT Wheat September rose to its highest price on Thursday since 2015 to end higher at 5.61-1/4 USD a bushel and trading higher today at $5.65-1/2 a bushel at 5:25 GMT.

Wheat exports sales tumbled from last week’s total of 14.2 million bushels to count this week at 14.1 million bushels.

In Algeria, the country has bought through a tender that closed Wednesday 13.2 million bushels, keeping the possibility for another purchase in the upcoming negotiations. Furthermore, through an international tender, Egypt has bought 8.8 million bushels of Wheat from both Russia and Romania, the shipment is scheduled to be in mid-September.

Meanwhile in Ukraine, according to the country’s agricultural ministry, the counrty’s 2018 Wheat harvest reached 705.5 million bushels till now.

In the Mena region, both Jordan and Iraq purchased 2.2 and 1.8 million bushels of Wheat through a tender, respectively.

Initial volume estimates moved significanlty higher from Wednesday’s count of 206,672 CBOT contracts, to reach 339,354 CBOT contracts on Thursday.

Corn

CBOT Corn September contract was up on Thursday to end the session higher at 3.66-3/4 USD a bushel, and currenly trading higher on today’s session at 3.67-1/4 USD per bushel at 5:25 GMT.

Furthermore, Corn export shipments were higher by 27 percent than last week’s count to reach 42.5 million bushels. Japan was the number one destination with 16 million bushels.

In China, the country sold 27.6 percent of it total availabel for sale at an auction on Thursday, which is 43.4 million bushels of its state Corn reserves.

Preliminary volume estimates were moderately higher ahead of Wednesday’s count of 399,389 to read for 452,884 on Thursday

Soybean

CBOT Soybean September futures ended Thursday’s session lower at 8.87-1/4 USD a bushel due to unresolved trade worries between the United States and China. Soybean futures are currently trading lower at 8.81-1/4 USD per bushel at 5:25 GMT.

Analysts expect that export sale of Soybean to be lower but still above 30 million bushels. Meanwhile, export shipments of Soybean reached 40.9 million bushels this week.

Elsewhere in Brazil, an investment banker predicts that the country’s Soybean farmers may face a 20 percent increase in input cost prices for the current and next year.

Preliminary volume estimates were down from Wednesday’s count of 210,194 contracts to reach 148,897 contracts

Share the News