Grain futures’ closed on mixed territories on Tuesday’s session, were Wheat and Soybean fell, while Corn faced some gains.September 6, 2018
Grain futures’ closed on mixed territories on Tuesday’s session, were Wheat and Soybean fell after Russian officials announced that there was no need to curb exports. Meanwhile, Corn prices finished the session higher.
Oil prices dropped on Tuesday’s session after it was boosted from the previous day, pressured by a tropical storm on U.S. Gulf coast production after it was not as strong as expected.
U.S. Crude Oil prices fell on Tuesday to close at 69.36 USD a barrel and currently trading flat at the same price at 5:07 GMT.
Moreover, Brent Oil traded also lower on Tuesday’s trading session to close the session at 77.69 USD a barrel, while currently rose moderately to trade at 77.80 USD a barrel at 5:07 GMT.
CBOT Wheat December futures dropped on Tuesday’s trading session to end the session in the red at 5.30—1/4 USD per bushel, but currently trading higher at 5.33 USD per bushel at 5:07 GMT.
Wheat exports inspections were down by around 19.8 percent from the prior week to reach 14.4 million bushels last week.
In Mexico, the country was the number one destination for the United States Wheat exports last week, counting of 3.3 million bushels.
In Argentina, the country’s farmers could delay Wheat sales for 2018/2019 after the country’s government announced on Tuesday a 10 percent export tax on Wheat.
Elsewhere in Mainland China, the country sold through an auction on Tuesday 98,000 bushels of its imported 2012 Wheat state reserve, which was 45.8 percent of its total available for sale.
Preliminary volume estimates rose from Friday’s final count of 96,502 CBOT contract to read for 158,939 CBOT contracts on Tuesday.
CBOT Corn December futures ended Tuesday’s trading session slightly higher, as disruptive rainstorms moved across the center of the United States this week. Corn futures ended on Tuesday in the green at 3.68-1/4 USD per bushel, while currently trading higher at 3.69 USD per bushel at 5:07 GMT.
The United States Department of Agriculture announced that 481.3 million bushels of Corn were used to produce Ethanol in July, which was higher by 5.8 percent year-over-year.
Meanwhile, Corn export inspections were up from the prior week by around 5.5 percent to reach 51.5 million bushels last week.
In Ukraine, Agritel consultancy anticipates that Ukraine’s Corn production will reach new levels this year, topping 1.192 billion bushels with a record of pre-acre yields of 99.5 BPA.
Preliminary volume estimates fell moderately from Friday’s final count of 309,917 contracts to settle down at 263,536 contracts on Tuesday.
CBOT Soybean November futures fell on Tuesday’s session pressured by small technical maneuvers. Soybean futures ended the session down at 8.43-3/4 USD per bushel, while currently trading higher at 8.46-1/2 USD a bushel at 5:07 GMT.
Last week, Iran was the top destination for the United States’ Soybean exports during last week, as it reached 5.2 million bushels.
Preliminary volume estimates moved ahead from the last count on Friday of 138,106 contracts to settle up at 163,134 contracts on Tuesday.