Grain futures closed Wednesday’s trading session in the red territory except Soybean futures as it rose to finish the session up.
On oil pace, oil prices rose on Wednesday but fell on Thursday due to the concerns over the expectations of increase in oil demand.
U.S Crude oil rose on Wednesday to end the session in the green at $70.29 a barrel while it fell on Thursday to trade at $69.84 a barrel at 7:00 GMT. Regarding Brent oil, it rose during yesterday’s session to close up at $79.72 a barrel while it fell today to trade lower at $79.34 a barrel at 7:00 GMT.
CBOT Wheat December Contract closed Wednesday’s session sharply lower to close down at 5.06-1/4 a bushel pressured by USDA report as the agency increased its forecast for U.S production more than the expectations. However, on Thursday it rose to trade slightly higher at $5.06-1/4 a bushel at 7:30 GMT.
According to Reuters, USDA increased its forecast for the Russian wheat harvest, when many traders expected lower output amid a European drought that has stoked fears of grain export curbs in both Russia and Ukraine.
In terms of export data, Egypt has purchased 8.6 million bushels of Russian wheat in an international tender, for shipment in late October or early November.
Moreover, CBOT corn Futures fell sharply on Wednesday to end the session down at $3.53 a bushel while it rose on Thursday to trade higher at 3.53-3/4 at 7:30 GMT.
USDA increased it estimation of Corn production by 352 million bushel reaching 14.287 billion the most in two years and above analyst estimates for 14.351 billion to 14.607 billion bushels.
French consultancy FranceAgriMer estimated the country’s 2018/19 ending corn stocks next June could total 99.6 million bushels, as lower production is being partially offset by the biggest import levels anticipated in 11 years.
However, CBOT Soybean Contract rose on Wednesday to end up at $8.39-3/4 a bushel while it fell slightly at $8.33-1/2 a bushel at 7:30 GMT.
Reuters Reported that, China’s Ministry of Agriculture and Rural Affairs earlier declined its expectations for 2018/19 soybean imports as farmers reduce their use of the bean in animal feed because of the Sino-U.S. trade conflict.
USDA expectations of Soybean export remained flat while it increased its demand forecast by 10 million bushel reaching 845 million.