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September 22, 2021

Grain commodity futures’ ended lower on Monday’s session, as Wheat, Corn and Soybean ended finished the session in the red territories.

grains future

Grain commodity futures’ ended lower on Monday’s session, as Wheat, Corn and Soybean ended finished the session in the red territories.

On the energy front, WTI Oil prices eased on Monday’s session to trade 74.20 USD per barrel and currently trading higher for 74.82 USD a barrel at 6:50 GMT as more evidence emerged that crude exports from Iran are declining after the United States reimposed sanction on Iran.

Moreover, Brent Oil declined on Tuesday to trade at 83.83 USD a barrel and currently advanced to trade at 84.50 USD per barrel at 6:50 GMT due to hurricane moved across the Gulf of Mexico.

 

Wheat:

CBOT Wheat December futures were trading lower on Monday’s trading session caused by technical selling to end the session at 5.13 USD per bushel, and currently trading lower at 5.11-1/4 USD per bushel at 6:50 GMT.

Reports in Russia showed that the state could start selling its reserves of grain after Wheat prices rallied last week.

The United States Department of Agriculture may be convinced to raise its expectations of this year’s ending stocks on Thursday’s report to reach around 60 million bushels, this is caused by the weak start of exports in the first four months, accompanied with slightly higher production.

Initial volume estimates advanced from Friday’s trading session of 86,228 CBOT contracts to read 91,432 CBOT contracts on Monday’s session.

 

Corn:

CBOT Corn December futures ended the trading session in the red territory on Monday. CBOT Corn futures ended the session at 3.66-1/2 USD per bushel and currently trading slightly lower at 3.66 USD at 6:50 GMT

Harvest delays, good demand and lack of farmer selling forced end users to ante up more for supplies. However, with dry conditions emerging next week, the market could remain irregular into Thursday’s United States Department of Agriculture’s report.

Initial volume estimates declined from Friday’s count of 390,279 CBOT contracts to reach 215,965 contracts on Monday’s final count.

 

Soybean:

CBOT Soybean November futures declined on Monday’s session to end the session down at 8.69 USD per bushel, while currently trading a bit lower at 8.68-3/4 USD per bushel at 6:50 GMT

According to the CFTC report on Friday, big speculators have covered some of their short positions in Soybeans and were buyers of Soymeal.

With no progress in resuming trade talks, Soybean basis firmed last week despite the lack of Chinese buying. Meanwhile, processors also raised bids as crush margins remain strong.

Ali Hwary

Ali Hwary

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