Grain futures’ closed in the red territory on Wednesday’s session, were Wheat, Soybean and Corn ended lower due to weather and harvest and other market factors merged.
Oil prices dropped again on Wednesday’s session and continued to fall on Thursday, pressured by emerging market problems that weighed on Oil prices. However, the sanctions on Iran that were imposed by the United States prevented prices from falling further.
U.S. Crude Oil prices fell on Wednesday to close at 68.62 USD a barrel and currently trading a bit lower at 68.60 at 6:35 GMT.
Moreover, Brent Oil traded also lower on Wednesday’s trading session to close the session at 77.27 USD a barrel and currently dropped moderately to trade at 77.24 USD a barrel at 6:35 GMT.
CBOT Wheat December futures faced the most significant losses on Wednesday’s trading session to end the session in the red at 5.21 USD per bushel, and currently trading lower at 5.20-3/4 USD per bushel at 6:35 GMT.
Through a regular tender that closed on Wednesday, Japan bought around 4 million bushels of food-quality Wheat from both the United States and Canada.
Moreover, in Egypt, the country bought through an international tender around 2.2 million bushels of Russian Wheat to be shipped in late October.
To continue with, Jordan has purchased 2.2 million bushels of hard milling Wheat through a tender that closed on Wednesday from optional origins. The country made a few recent purchases after it had faced problems doing that throughout spring and summer.
Preliminary volume estimates fell from Tuesday’s final count of 158,925 CBOT contract to read for 86,293 CBOT contracts on Wednesday’s count.
CBOT Corn December futures ended Wednesday’s trading session lower due to the spillover from Wheat, harvest and the weather. Corn futures ended on Wednesday in the red at 3.64-3/4 USD per bushel, while currently trading higher at 3.66 USD per bushel at 6:35 GMT.
The United States Department of Agriculture has been announced by private investors the sale of 4 million bushels of Corn that was for the delivery to Mexico through 2018/2019 marketing year.
Last week’s export inspections were strong at 52.5 million bushels as well as July’s Ethanol usage of Corn that was reported yesterday to read 481 million.
Preliminary volume estimates fell moderately from Tuesday’s final count of 308,215 contracts to settle down at 220,553 contracts on Wednesday.
CBOT Soybean November futures fell again on Wednesday’s session; prices were pressured by the unresolved concerns regarding the U.S.-China trade talks. Soybean futures ended the session down at 8.37-1/4 USD per bushel, while currently trading higher at 8.39-1/4 USD a bushel at 6:35 GMT.
In mainland China, the country sold through an auction on Wednesday 1.2 million bushels of its 2013 state Soybean reserves, which was 31.3 percent of the country’s available for sale.
Preliminary volume estimates dropped by almost the half from Tuesday’s count of 161,762 contracts to settle down at 70,881 contracts on Wednesday.