Grain futures ended Monday’s session in red territories as expectations for a record high harvest pressured What and corn futures prices.
In weather news, expectations show that temperatures will rise in the next several days in the central U.S 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 fell on Monday’s session to settle at $68.75 per barrel but rose on today’s session as the U.S. vowed to impose 10 percent tariffs on $200 billion worth of Chinese goods.
Meanwhile, Brent Oil traded lower on Monday trading session to close the session at 77.90 USD a barrel but rose on today’s session to trade at 77.80 USD a barrel at 6:00 GMT.
CBOT Wheat December futures fell on Monday’s trading session, wheat Futures ended the session in the red at 5.05-1/4 USD per bushel, and currently trading at 5.07-3/4 USD per bushel at 6:00 GMT.
In crop progress news, investors will be keeping an eye on USDA Crop Progress report later today; analysts expect the report to show U.S. spring wheat harvest at 98 percent complete, up from 93 percent last week. Analysts also expect USDA to report higher wheat plantings from 5 percent complete the week before to 14 percent complete.
In exports news, Wheat export inspections added 14.9 million bushels last week, which is slightly lower than the prior week’s figure of 15.8 million bushels and in line with trade estimates, which ranged between 12 million and 18 million bushels.
CBOT Corn December futures ended Monday’s trading session as harvest progress could come at a record or near record-breaking 2018 U.S. crop. Corn futures ended the session in the red at 3.48 USD per bushel, and currently trading at 3.48-1/4 USD per bushel at 6:00 GMT.
In crop progress, Ahead of USDA Crop Progress report later today, analysts expect the agency to make no changes to crop quality, which is currently rated 68 percent good-to-excellent. Expectations also show that USDA is likely to move corn harvest to 10 percent complete, up from 5 percent last week.
Corn export inspections reached 40.6 million bushels last week, rising by than 30 percent above the prior week’s total of 30.9 million bushels. Last week’s totals came inline with trade guess, which ranged between 33 million and 47 million bushels.
CBOT Soybean November futures fell on Monday’s session; prices were pressured by the Crop expectations compounded by trade worries with China. Soybean futures ended the session down at 8.23 USD per bushel and currently fell to trade at 8.23 USD a bushel at 6:00 GMT.
Ahead of Monday afternoon’s USDA Crop Progress report, Expectations show no changes to the prior week’s crop quality, with 68 percent rated good-to-excellent.
Soybean export inspections reached 28.8 million bushels last week, slightly lower than the prior week’s totals of 34.0 million bushels but inline trade guess, which ranged between 25 million and 36 million bushels. Mexico was the top destination for U.S. soybean export inspections last week, with 5.2 million bushels.