Grains’ futures ended Friday’s session in mixed territories; Wheat futures were lower while Soybean and Corn futures ended the session higher.
August 7, 2018Grains’ futures ended Friday’s session in mixed territories; Wheat futures were lower while Soybean and Corn futures ended the session higher.
Regarding weather news, forecasts show higher than normal temperatures across the Midwest and plains this weekend, moreover expectations shows plenty of rain heading for the central U.S between now and the 10th of August
In oil space, Oil prices rose slightly after Saudi crude production registered a surprising dip in July.
WTI Crude Oil fell on Friday to close at 68.63 USD a barrel and currently trading higher at 68.87 USD a barrel. Moreover, Brent Oil fell on Friday’s session to close at 73.32 USD per barrel, while trading now lower at 73.56 USD a barrel at 8:00 GMT.
Wheat
CBOT Wheat September fell on Friday’s session to trade at $5.56-1/2 per bushel at the close after reaching 5.92-3/4 its highest price on Thursday since 2015, on today’s session prices where relatively unchanged trading at 5.54-1/2 at 8:00 GMT.
The Wheat production in Ukraine the agricultural ministry increased its production forecast to 9 percent for a total of 881.8 million bushels.
Over in France, soft wheat harvest is nearly complete according to data harvest is approximately ten days faster than average, according to consultancy FranceAgriMer. The crop was at 71 percent in good-to-excellent condition as of, compared to the 67 percent a year ago.
Meanwhile, in the U.K, Governmental officials expect the country’s wheat crop to drop to a five-year low of 496 million. Britain’s 2017 wheat crop was 9.6 percent higher, as this year’s production is facing hotter, dry weather.
Preliminary volume estimates were for 120,812 CBOT contracts, down significantly from Thursday’s final count of 339,354.
Corn
CBOT Corn September contract was up on Friday to end the session higher at 3.69-3/4 USD a bushel, and currently trading higher on today’s session at 3.69-3/4 USD per bushel at 8:00 GMT.
In exports news, Private exporters reported the sale of 5.1 million bushels of corn to optional origins to Vietnam for the 2018/2019
In France, A heatwave in France downgraded its corn quality assessment; estimations shows that 66 percent of the country’s corn is in good-to-excellent condition compared with 71 percent the prior week and 79 percent in the previous year.
Preliminary volume estimates were for 166,923 contracts, dropping significantly from Thursday’s final count of 500,247.
Soybean
CBOT Soybean September futures ended Friday’s session higher at 8.91-1/4 USD a bushel. However, Soybean futures are currently trading lower at 8.86-3/4 USD per bushel at 8:00 GMT.
According to estimates, U.S. soybean yield potential could approach 2016’s record of 52.1 Bushel per acre, however, according to market analyst soybean yields are difficult to predict in August.
Preliminary volume estimates were for 90,791 contracts, dropping moderately from Thursday’s final count of 161,984.
