Grains’ futures ended Monday’s session in mixed territories; Wheat futures were higher supported by production concerns while Soybean futures ended the session lower as the U.S trade relations resurfaced.
Regarding weather news, predictions 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 after the U.S imposed a new sanction on Iran tightening supply according to analysts the sanctions are the primary driver of oil prices and supply losses could rand=ge between 500,000 and 1.5 million barrels per day.
WTI Crude Oil rose on Monday to close at 68.89 USD a barrel and currently trading higher at 69.31 USD a barrel. Moreover, Brent Oil fell on Monday’s session to close at 73.64 USD per barrel, while trading now at 74.18 USD a barrel at 8:00 GMT.
CBOT Wheat September surged on Monday’s session to trade at $5.73-1/2 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 5.84-1/2 at 8:00 GMT.
Wheat export inspections reached 12.0 million bushels for last week, which was lower than the previous figure of 13.9 million bushels in line with estimates, which ranged between 11 million and 16 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 141,375 CBOT contracts, slipping below Friday’s final count of 163,677
CBOT Corn September contract was up on Monday’s to end the session higher at 3.70-2/4 USD a bushel, and currently trading higher on today’s session at 3.72-1/4 USD per bushel at 8:00 GMT.
In export news, Corn export inspections reached 50.7 million bushels last week, which was slightly lower than the prior week’s total of 65.4 million bushels but in line with trade expectations, which ranged between 39 million and 66 million bushels.
Preliminary volume estimates were for 165,422 contracts, falling moderately below Friday’s final count of 254,909.
CBOT Soybean September futures ended Monday’s session lower at 8.82-2/4 USD a bushel.,however, Soybean futures are currently trading higher at 8.92-1/4 USD per bushel at 8:00 GMT.
Regarding exports, Soybean export inspections came at 32.8 million bushels up slightly from the last week’s total of 28.3 million bushels and higher than the average trade estimates which came between 18 million and 27 million bushels.
Preliminary volume estimates were for 90,791 contracts, dropping moderately from Thursday’s final count of 161,984.