Grains’ futures ended Wednesday’s session registering modest gains supported by dry forecasts in some production areas while traders were waiting for World Agricultural Supply and Demand Estimates report out Friday morning,
Regarding weather news, predictions show higher than normal temperatures across the Midwest and plains this weekend. Moreover, The latest 7-day cumulative rainfall map from NOAA shows precipitation in parts of the eastern Corn Belt between today and the 15th of August.
In oil space, Oil prices fell after the U.S crude oil inventories declined lower than expected according to the Data released by the EIA crude oil stockpile declined by 1.35 million barrels lower than expectations which were 2.8 million barrels.
WTI Crude Oil fell on Wednesday to close at 66.77 USD a barrel and currently trading at 67.07 USD a barrel. Moreover, Brent Oil fell on Wednesday session to close at 72.21 USD per barrel, while trading now at 72.49 USD a barrel at 8:00 GMT.
CBOT Wheat September rose slightly on Wednesday’s session to trade at $5.69-3/4 per bushel at the close after taking moderate losses from a round of profit-taking Tuesday. On today’s session, Wheat Futures were trading at 5.67-1/4 at 6:00 GMT.
Ahead of the next USDA export report, analysts expect’s the agency to report wheat sales between 7.3 million and 18.4 million bushels
Moreover, 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.
Preliminary volume estimates were for 218,889 CBOT contracts, dropping slightly below Tuesday’s final count of 229,234.
CBOT Corn September contract was up on Wednesday to end the session higher at 3.71 USD a bushel, and currently trading higher on today’s session at 3.71-1/4 USD per bushel at 8:00 GMT.
Ahead of USDA export report early Thursday morning, analysts expect the agency to report corn sales between 27.6 million and 59.1 million bushels for last week.
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.
Preliminary volume estimates were for 297,347 contracts, dropping significantly below Tuesday’s final count of 392,793.
CBOT Soybean September futures ended Wednesday session higher at 8.99-1/4 USD a bushel., However, Soybean futures are currently trading lower at 8.95-3/4 USD per bushel at 8:00 GMT.
Regarding USDA’s export report, analysts estimate the agency to report soybean sales between 14.7 million and 36.7 million bushels.
Analysts also expect USDA to report Soymeal sales to range between 40,000 metric tons and 250,000 metric tons last week plus another 8,000 to 34,000 MT of Soyoil sale
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.
Preliminary volume estimates were for 110,375 contracts, slipping below Tuesday’s final count of 132,518.