Grains’ futures were mixed as Wheat futures were lower pressured by profit-taking.August 8, 2018
Grains’ futures ended Tuesday’s session in mixed territories; Wheat futures were lower pressured by profit-taking on the other hand Soybean futures ended the session higher as concerns regarding crop quality fueled prices
Regarding weather news, predictions show higher than normal temperatures across the Midwest and plains this weekend. Moreover, expectations show a large amount of rainfall across the Mid-South.
In oil space, Oil prices rose after the U.S imposed a new sanction on Iran tightening supply as the fall in U.S stockpiles, according to analysts the sanctions are the primary driver of oil prices and supply losses could range between 500,000 and 1.5 million barrels per day.
WTI Crude Oil rose on Tuesday to close at 69.08 USD a barrel and currently trading higher at 69.14 USD a barrel. Moreover, Brent Oil rose on Tuesday session to close at 74.43 USD per barrel, while trading now at 74.54 USD a barrel at 6:00 GMT.
CBOT Wheat September fell on Tuesday session to trade at $5.69 per bushel at the close after reaching 5.92-3/4 its highest price on Thursday since 2015, on today’s session Wheat Futures were trading at 5.74 at 6:00 GMT.
According to USDA, Spring wheat crop condition deteriorated from the prior week, with the agency rating 74 percent of the crop in good-to-excellent condition versus the prior week’s which came at 78 percent.
in harvest news, 13 percent is now complete, up from 4 percent in the prior week and close to the five-year average of 14 percent.
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.
Preliminary volume estimates were for 171,852 CBOT contracts, inching ahead of Monday’s final count of 164,341.
CBOT Corn September contract was up on Tuesday to end the session higher at 3.70-2/4 USD a bushel, and currently trading higher on today’s session at 3.71-3/4 USD per bushel at 6:00 GMT.
USDA downgraded corn’s quality ratings from 72 percent rated good-to-excellent down to 71 percent in Monday afternoon’s Crop Progress report as was expected Crop quality is better than the 60 percent registered a year ago.
In terms of exports news, Private exporters reported to USDA the sale of 7.0 million bushels of corn.
Preliminary volume estimates were for 228,677 contracts, moving ahead of Monday’s final count of 199,126.
CBOT Soybean September futures ended Tuesday session lower at 8.95 USD a bushel.,however, Soybean futures are currently trading higher at 8.98-1/4 USD per bushel at 6:00 GMT.
Regarding crop ratings, USDA’s report showed that 67 percent is rated good-to-excellent as which is three percent below than the agency’s estimation of 70 percent.
Regarding exports, Private exporters reported to USDA the sale of 5.3 million bushels of soybeans; 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 112,780 contracts, up moderately from Monday’s final count of 86,583.