Grain futures’ market was closed on Monday due to the Labor Holiday daySeptember 4, 2018
Grain futures’ ended in the green territory on Friday’s trading session, prices were supported by positive export data that lifted the futures’ up. Corn futures’ found the most significant gains, while Wheat and Soybean ended the session with significant gains.
Oil prices rose on Monday’s session, the rise in prices were supported by the concerns that the decreasing Iranian output will tighten markets as soon as the U.S. sanctions are imposed. However, gains were limited by a higher supply from both OPEC and the United States.
Oil prices continued to rise today to reach above 70 USD per barrel after two Gulf of Mexico oil platforms were evacuated due to a coming hurricane.
U.S. Crude Oil prices rose on Monday to close at 70.07 USD a barrel and currently tumbled to trade at 70.04 USD per barrel at 4:40 GMT.
Moreover, Brent Oil traded also higher on Monday’s trading session to close the session at 78.08 USD a barrel, while currently fell to trade at 78.05 USD a barrel at 4:40 GMT.
CBOT Wheat December futures advanced on Friday’s trading session to end the session in the green at 5.44-3/4 USD per bushel, but currently trading lower at 5.36-1/2 USD per bushel at 4:40 GMT.
Wheat futures’ prices were boosted by a round of short-covering followed by lower production assessments from Canada.
Monthly Wheat exports were downgraded by the European Commission by around 21.5 percent since July, to read 734.9 million bushels.
Preliminary volume estimates dropped from Thursday’s final count of 112,247 CBOT contract to read for 96,202 CBOT contracts on Friday.
CBOT Corn December futures rose on Friday’s trading session, boosted by some pre-holiday short-covering. Corn futures ended on Friday in the green at 3.65-1/4 USD per bushel while currently trading higher at 3.66-1/2 USD per bushel at 4:40 GMT.
The United States Department of Agriculture was announced by private exporters the sale of 10.8 million bushels of Corn for unknown destinations during the marketing year of 2018/2019.
Meanwhile, in China, the country sold through an auction on Friday 46.8 million bushels of its state reserve of Corn.
Corn production estimates for 2018 were moderately raised by the European Commission by 0.8 percent to reach 2.527 billion bushels.
Preliminary volume estimates fell moderately from Thursday’s final count of 392,273 contracts to settle down at 309,987 contracts on Friday.
CBOT Soybean November futures rose on Friday’s session due to technical selling and short-covering on Friday. Soybean futures ended the session up at 8.44 USD per bushel, while currently trading lower at 8.42-1/4 USD a bushel at 4:40 GMT.
Meanwhile, private exporters reported to the United States Department of Agriculture the sale of 9.2 million bushels of Soybean to be delivered to unknown destinations for the marketing year of 2018/2019.
Preliminary volume estimates fell from the last count on Thursday of 159,376 contracts to settle down at 138,292 contracts on Friday.