Grain futures’ closed in the red territoires on Thursday’s session, were the prices of Corn, Wheat and Soybean fell due to the concerns regarding Russian exports, the U.S. harvest and the U.S.-China trade relations.
Oil prices dropped on Thursday’s session and continued to fall on Friday with concerns on falling demand ahead of the United States sanctions.
U.S. Crude Oil prices fell on Thursday to close at 68.81 USD a barrel and currently trading a bit lower at 68.68 at 9:00 GMT.
Moreover, Brent Oil traded also lower on Thursday’s trading session to close the session at 78.38 USD a barrel and currently dropped moderately to trade at 78.10 USD a barrel at 9:00 GMT.
CBOT Wheat December futures ended lower on Thursday’s trading session for the third day in a row to end the session in the red at 4.95-3/4 USD per bushel, while currently trading higher at 4.98-1/4 USD per bushel at 9:00 GMT.
In Mainland China, the country sold through an auction on Thursday around 17.8 million bushels of Wheat of its state reserve of 2013. This amount was one-third of the country’s total available for sale.
Meanwhile, in Saudi Arabia, the country is planning to import an additional 21.9 million bushels of Wheat in November and December to meet local demand.
However, after receiving only two participants, Jordan has canceled its tender to buy 4.4 million bushels of Hard Wheat.
Initial volume estimates were down by almost the half of Wednesday’s count of 194,360 contracts to read 71,330 CBOT contracts.
CBOT Corn December futures ended Thursday’s trading session lower due to concerns regarding U.S. harvest. Corn futures ended on Thursday in the red at 3.50-1/4 USD per bushel, while currently trading higher at 3.51-3/4 USD per bushel at 9:00 GMT.
In China, through an auction on Thursday, the country sold 114.2 million bushels of its state reserve of Corn, which was about 73.3 percent of the country’s total available for sale.
Meanwhile, the Consultancy Strategie Grain has reduced its European Union grain production by about 5 percent, reaching down to 2.299 billion bushels.
The data that was reported by private exporters included the sale of 5.6 million bushels of Corn to be delivered to Costa Rica during the current marketing year of 2018/2019.
Preliminary volume estimates plunged from Wednesday’s final count of 689,143 contracts to settle down at 362,186 contracts on Thursday.
CBOT Soybean November futures fell on Thursday’s session; prices were pressured by the unsecured U.S.-China trade relations. Soybean futures ended the session down at 8.33-1/2 USD per bushel, while currently advanced to trade at 8.37 USD a bushel at 9:00 GMT.
Egypt was the week’s number one destination of Soybean export sales with 7.2 million from 25.5 million bushels.
Furthermore, Soybean export shipments added another 8.9 million bushels to reach 2.072 billion bushels, which was lower than last year’s marketing year by 3 percent.
Preliminary volume estimates plunged from Wednesday’s final count of 271,878 contracts to read for 142,829 contracts on Thursday’s number.