Grains’ futures ended Thursday’s session registering some loses as traders were waiting for World Agricultural Supply and Demand Estimates report out Friday morning,
Regarding weather news, and according to the latest U.S. Drought Monitor U.S. drought footprint eased slightly covering 54.1 percent of the country slightly better than the 54.4 percent the prior week. Moreover, predictions show higher than normal temperatures across the Midwest and plains this weekend. While 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.
Moreover, the EIA kept ist 2018 oil demand forecast growth unchanged at 1.4 million bpd but raised its 2019 estimates by around 110,000 bpd to 1.49 million bpd.
WTI Crude Oil fell on Friday to close at 66.69 USD a barrel and currently trading at 66.56 USD a barrel. Moreover, Brent Oil fell on Friday session to close at 72.21 USD per barrel, while trading now at 71.79 USD a barrel at 8:00 GMT.
CBOT Wheat September fell on Thursday session pressured by a round of profit taking to trade at $5.63-3/4 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 5.63 at 8:00 GMT.
Regarding wheat exports, sales came at 11.7 million bushels in old crop sales last week lower than trade estimates of 12.9 million bushels as well as the prior week’s total of 14.1 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 127,469 CBOT contracts, moving significantly below Wednesday’s final count of 218,889.
CBOT Corn September contract was down on Thursday to end the session lower at 3.68-3/4 USD a bushel, and currently trading on today’s session at 3.68-2/4 USD per bushel at 8:00 GMT.
In terms of exports, Corn export sales came at 21.8 million bushels in old crop sales, plus another 25.9 million bushels in new crop sales, totaling 47.7 million bushels. That was slightly ahead of trade expectations of 43.3 million bushels but slightly lower than the previous week figure of 50.3 million bushels.
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 295,131 contracts, virtually equal to Wednesday’s final tally of 295,200.
CBOT Soybean September futures ended Thursday session higher at 8.92-2/4 USD a bushel., However, Soybean futures are currently trading lower at 8.89-3/4 USD per bushel at 8:00 GMT.
Soybean export came 15.5 million bushels in old crop sales and another 19.6 million bushels of new crop sales, for a total of 35.1 million bushels. Which is higher than trade estimates of 25.7 million bushels and the 23.4 million bushels last week.
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 93,888 contracts, falling beneath Wednesday’s final count of 108,298.