Wheat future locked in commanding gains amid favorable export report from Russia.August 21, 2018
Wheat future locked in commanding gains amid favorable export report from Russia. On the other hand, Soybean and Corn prices suffered for most of Friday, despite the slight support from positive news from United States-China trade dispute.
Meanwhile, in the economic space, U.S. consumer sentiment reached an 11-month low, but Wall St. was more optimistic Friday as trade talks with China could resume later in August.
Oil prices rose on Friday’s session to close in green at $65.89 a barrel. but fell on Monday to trade lower at $65.75 a barrel at 11:00 GMT.
Meanwhile, Brent oil also rose on Friday to settle higher at $71.23 a barrel, and it fell on Monday to trade at $72.16 a barrel.
CBOT wheat September futures jumped by 3.18 percent on Friday to end the session up at $5.59-1/4 per bushel at the close.
In fundamentals, over in Russia, the latest wheat export could see exports for its 2018/19 marketing year to reach 1.286 billion bushels, as reported by the agriculture ministry.
Moreover, Wheat prices also found support on the latest weather forecasts coming out of Australia, which calls for drier weather in September.
Over in Ukraine, wheat harvest is nearly complete, with a production tally of 914.9 million bushels on average yields of 56.4 BPA, according to the country’s agriculture ministry.
For the week, CBOT wheat speculators raised their net long position by another 3,203 contracts to reach a total of 14,220.
Preliminary volume estimates were for 195,464 CBOT contracts, moving moderately ahead of Thursday’s final count of 139,588.
CBOT corn September edged down by 0.13 percent on Friday to trade at $364-1/4 per bushels at the close.
Meanwhile, FranceAgriMer again downgraded its assessment of the country’s 2018 corn crop, reducing it from 62% in good-to-excellent condition the week prior to 61% as of August 13th. Amid Hot, dry weather conditions weighed on the country’s corn quality ratings by 10 points over the past three weeks.
In the export space, China sold another 33.5 million bushels of its state reserves of corn Friday, which was 21.5% of the total available for sale.
For the week, corn speculators added 5,526 contracts to their net short position to reach 47,384.
Preliminary volume estimates were for 260,872 contracts, moving moderately ahead of Thursday’s final count of 208,133.
CBOT Soybean Futures September Contract traded on negative territories to close the session at $8.82-1/2 per bushel.
Soybean prices suffered for most of Friday, but news this afternoon that the U.S. and China hopes to sew up their current trade dispute by November gave futures a last-minute rally that helped them finish slightly higher.
For the week, soybean speculators added another 9,509 contracts to their net short position, which reached 103,916.
Preliminary volume estimates were for 152,793 contracts, shifting moderately below Thursday’s final count of 227,772.