Grain futures ended Friday’s session mostly in green territories with the exception of Soybean futures;

Grain futures ended Friday’s session mostly in green territories with the exception of Soybean futures;

September 17, 2018 0 By Ali Hwary

Grain futures ended Friday’s session mostly in green territories with the exception of Soybean futures; Wheat and Corn found support from technical buyers.

In weather news, expectations show that temperatures will rise in the next several days before cooler weather arrives next week. Moreover, some precipitation is expected to reach the Northern Plains and upper Midwest over the next several days.

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 rose on Friday’s session to close at 68.98 USD a barrel and currently trading a higher at 69.09 at 7:00 GMT.

On the other hand, Brent Oil traded lower on Friday’s trading session to close the session at 78.08 USD a barrel but rose on today’s session to trade at 78.20 USD a barrel at 7:00 GMT.

Wheat:

CBOT Wheat December futures surged on Friday’s trading session by nearly three percent ending a three consecutive session of losses wheat Futures ended the session I the green at 5.10-1/4 USD per bushel, and currently trading higher at 5.15 USD per bushel at 7:00 GMT.

Tunisia bought 2.5 and 2.8 million bushels of milling and durum wheat and 2.3 million bushels of barley from optional origins in a tender that closed Friday.

Meanwhile, China sold about 189,000 bushels of its state reserves of 2013 imported wheat at auction Friday, which accounted for 0.5 percent of the total available for sale.

Preliminary volume estimates were for 151,951 CBOT contracts, moving slightly higher than Thursday’s final count of 136,042.

Corn:

CBOT Corn December futures ended Friday’s trading session higher thanks to some spillover strength from wheat. Corn futures ended Friday in the green at 3.51-1/4 USD per bushel, while currently trading at 3.50-1/4 USD per bushel at 7:00 GMT.

In the trading news, China sold 40.4 million bushels of its state reserves of corn at auction Friday, which was 25.7 percent of the total available for sale.

For the week, corn speculators added 3,958 contracts to their net short position to reach 86,528.

Preliminary volume estimates were for 211,615 contracts, cut nearly in half from Thursday’s final count of 400,116.

Soybean:

CBOT Soybean November futures fell on Friday’s session; prices were pressured by the Crop expectations compounded by trade worries with China. Soybean futures ended the session down at 8.30-1/4 USD per bushel, and currently fell to trade at 8.25 -1/4 USD a bushel at 7:00 GMT.

European Soymeal fell Friday as expectations for a record-breaking U.S. crop continue to firm.

Canadian canola prices stopped a three-day losing streak with some light technical buying.

Preliminary volume estimates were for 122,984 contracts, falling below Thursday’s final count of 172,170.

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