Grain futures ended Monday’s session in green territories; Soybean futures dropped by around 0.75 percent on Monday.
In weather news, Variable weather to start the week will give way to mostly seasonally cool daytime highs across much of the central U.S. by Friday. The latest five-day cumulative precipitation map from NOAA shows much of the eastern Corn Belt is expected to receive another one to two of rainfall between now and September 30.
On the energy front, WTI Oil prices rose on Monday’s session to a near two-month high as OPEC stops short of pledging oil rises on today’s session to trade at $72.24 per barrel at 8:00 GMT.
Meanwhile, Brent Oil traded higher to close the session to a near three years high at $81.46 per barrel and, it also rose on today’s session to trade at $81.55 a barrel at 8:00 GMT.
CBOT Wheat December futures were higher on Monday’s trading session, to end the session in green territories at $5.25-3/4 per bushel, and currently trading at $5.20-1/2 per bushel at 8:00 GMT.
In exports, 2018-2019 European exports have reached 139.5 million bushels as of September 23, which is down 29 percent year-over-year so far. Barley exports of 59.5 million bushels are also down 3 percent year-over-year.
Meanwhile, in the Middle East, the UAE issued an international tender to purchase 2.1 million bushels of milling wheat, which closes Monday, for shipment in October.
Meanwhile, Preliminary volume estimates were for 74,117 CBOT contracts, rebounding moderately from Friday’s final count of 58,861.
CBOT Corn December futures ended the trading session on higher notes ended the session at $3.60-1/2 per bushel and is currently trading at $3.57 per bushel at 8:00 GMT.
In exports, Corn export inspections reached 49.6 million bushels last week, which was moderately ahead of the prior week’s total of 40.7 million bushels, while exceeding trade estimates that ranged between 32 million and 45 million bushels. Japan was the number one destination for the U.S. corn export inspections last week, with 12 million bushels.
Ahead of Monday USDA Crop Progress report, Analysts expect the agency to show U.S. corn harvest progress reaching 16 percent completion, up from 9 percent. Analysts expect USDA will leave quality ratings unchanged, with 67 percent of the crop rated in good-to-excellent condition.
Meanwhile, Preliminary volume estimates were for 195,294 CBOT contracts, easing from Friday’s final count of 229,860.
CBOT Soybean November futures fell on Monday’s session. As U.S.-China trade worries.
Soybean futures ended the session at 8.41 USD per bushel and is currently higher to trade at 8.42 USD a bushel at 8:00 GMT.
Meanwhile, private exporters reported to USDA the sale of 6 million bushels of soybeans for delivery to unknown destinations during the 2018/19 marketing year, which began first of September The U.S. is the number one supplier of EU soybean imports so far in 2018/19, accounting for more than 51 percent of the total 106.5 million bushels of imports. Total EU soybean imports are up 4.1 percent so far year-over-year.
Preliminary volume estimates were for 87,117 contracts, dropping moderately below Friday’s final count of 133,704.