Wheat and Corn futures ended Monday’s session in the red while Soybean futures contract ended the session higher as investors expecting the domestic inventories would pile up due to a record harvest and
a trade dispute with Beijing.
Later this week, the weather is expected to be colder than average across the central U.S plants, while from Texas through India the weather is expected to be rainy between now and Thursday. Parts of eastern Oklahoma, eastern Kansas, and southern Missouri are likely to see the greatest rainfall totals during that time.
In oil pace, oil prices fell on Monday where U.S Crude ended the session in the red $67.39 a barrel while Brent oil closed the session slightly lower at $72.82 a barrel.
While on Monday both U.S and Brent crude oil rose today to trade at $67.76 a barrel and 73$ a barrel respectively at 10:00 GMT as OPEC decreased its oil demand growth expectations for the current year by 20,000 barrels due to weaker than anticipated demand in South America and the MENA region during the second quarter.
CBOT wheat September futures fell on Monday to end the session down at $5.34-1/4 a bushel while it rose on Tuesday to trade higher at $5.36-3/4 a bushel at 10:20 GMT, while December contract remained flat at $5.54-1/2 a bushel.
Wheat export sales rose by 17.0 million bushels higher than last week reading of 12.0 million bushels.
According to USDA Crop Progress report, analysts expect the agency to downgrade the U.S. spring wheat crop, moving it from 74 percent in the good-to-excellent condition the prior week down to 73 percent. Analysts also estimate the domestic winter wheat harvest has reached 95 percent completion, with spring wheat’s harvest progressing to 28 percent complete.
The trading volume of wheat futures reached 228,221 on Monday higher than Friday’s figure of 277,298.
CBOT corn September futures fell on Monday to end the session down at $3.56-1/2 a bushel while it rose on Tuesday to trade higher at $3.57-3/4 a bushel at 10:20 GMT, while December contract rose to trade at $3.71-3/4 a bushel.
Corn export sales reached 49.7 million bushels last week, slightly lower than a week before as it has reached 50.7 million bushels.
According to the USDA Crop Progress report, analysts expect the agency to lower its quality assessment of the 2018 corn crop to 70percent in good-to-excellent condition, down a point from the prior week.
The trading volume on Corn Futures reached 322,801 on Monday lower than Friday’s number of volumes by 223,777.
On the other hand, CBOT Soybean Futures September Contract rose on Monday to close the session higher at $8.58 a bushel while it remained flat on Tuesday trade at $8.55 a bushel while November contract was trading at 8.67 at 10:30 GMT.
Soybean export sales reached 21.3 million bushels lower than last week where it reached 32.8 million bushels.
According to USDA Crop Progress report, analysts expect the 2018 U.S. soybean crop’s quality to decline slightly week-over-week, falling one point to 66percent rated good-to-excellent.
Trading volume of Soybean futures reached 228,221 on Monday.