Grain futures ended Wednesday’s session in green territories. Soybean futures found support from technical buying following several session of losses, while wheat futures found support from global supply concerns corn also rose picking up some strengt from wheat and soybean.
In weather news, Heavy rains are making their way across parts of Iowa and Northern Illinois today according to NOAA.
Oil prices rose on Wednesday’s session to settle at $71.44 per barrel and rose on today’s session to trade at $71.51 per barrel at 9:00 GMT as markets shrugged off trade tensions.
Meanwhile, Brent Oil also traded higher on to close the session at USD 79.38 a barrel and rose on today’s session to trade at USD 79.52 a barrel at 9:00 GMT.
CBOT Wheat December futures rose on Wednesday’s trading session, to end the session in the green at 5.21-2/4 USD per bushel, and currently trading at 5.17-1/4 USD per bushel at 9:00 GMT.
In harvesting news, Spring wheat harvest is now 97 percent complete, That pace is in line with 2017’s pace of 98 percent and ahead of the five-year average of 92 percent.
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 the trading session higher Corn futures ended the session in the green at 3.45-1/2 USD per bushel, and currently trading at 3.45-3/4 USD per bushel at 9:00 GMT.
In crop progress report came in line with analyst expectations, USDA kept 68 percent of the 2018 U.S. corn crop rated good-to-excellent in its latest crop progress report Monday afternoon.
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 rose on Wednesday’s session; prices were supported by trade worries with China. Soybean futures ended the session down at 8.29-3/4 USD per bushel and currently fell to trade at 8.27-3/4 USD a bushel at 9:00 GMT.
USDA crop progress report moved the crop from 68 percent rated good-to-excellent to 67 percent. While 23 percent of the crop is rated fair with the remaining 10 percent rated poor or very poor.
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.