Grain futures’ ended in the red territory, where Soybean continued to fall due to the United States harvest expectations.August 29, 2018
Grain futures’ ended in the red territory, where Soybean continued to fall due to the United States harvest expectations, followed by Corn and Soybean that also fell affected by the spillover weakness of Soybean.
Oil prices today were stabilized due to the news that Iranian crude supplies fell after the United States sanctions discouraged buyers, despite the evidence of the rise in the United States inventories.
U.S. Crude Oil prices fell on Tuesday to close at 68.50 USD a barrel and are currently trading higher at 68.77 USD per barrel at 10:50 GMT.
Moreover, Brent Oil traded higher on Tuesday’s trading session to close the session at 75.91 USD a barrel, while currently gained to trade at 76.10 USD a barrel at 10:15 GMT.
CBOT Wheat September futures fell one yesterday’s trading session to end the session at 4.97-3/4 USD per bushel, and now trading higher at 5.02-3/4 USD per bushel at 10:15 GMT.
IKAR, the Russian consultancy, has declined the estimates for this year’s Wheat production by around 1.7 percent to reach 2.557 billion bushels.
Meanwhile in China, through an auction on Tuesday, the country has sold around 128,000 bushels of its imported 2013 Wheat state reserve, which was about 0.2 percent of its total available for sale.
In Egypt, through an international tender on Tuesday, the country bought around 12.9 million bushels for the shipment to be delivered in mid of October.
According to the government’s farm ministry of India, the Wheat production for the country in 2017/2018 has reached a record of 3.663 billion bushels, which is regarded as the world’s second-largest producer of Wheat.
Preliminary volume estimates advanced from Monday’s final count of 123,587 CBOT contract to read for 130,295 CBOT contracts on Tuesday.
CBOT Corn September futures ended lower on Tuesday’s trading session affected by the weakness of Soybean to close in the red at 3.41-1/4 USD per bushel and currently trading flat at the same price at 10:15 GMT.
In Russia, IKAR decreased the Corn production for the currently in 2018 by 3.9 million bushels to read for 460.1 million bushels.
In East African, the nation of Malawi, due to the ongoing drought and worm problems, the country’s Corn production is expected to be reduced by 28 percent year-over-year to settle down to 106.2 million bushels in 2018.
Preliminary volume estimates rose significantly from Monday’s final count of 355,928 contracts to settle up at 443,835 contracts.
CBOT Soybean September futures continued to fall on Tuesday’s session due to harvest problems. Soybean futures ended the session at 8.20-3/4 USD per bushel, while currently trading a bit lower at 8.20-1/2 USD a bushel at 10:15 GMT.
The United States Department of Agriculture reported through its Crop progress report that there was a slight improvement in Soybean’s crop quality moving from 67 percent in good-to-excellent to 68 percent.
Preliminary volume estimates were moderately down from the last count on Monday of 227,628 contracts to count of 193,372 contracts.