Grain commodity futures’ ended higher on Monday’s session, after a bullish round of export data that was enough to significantly rise Soybean prices by around 3 percent.
October 16, 2018Grain commodity futures’ ended higher on Monday’s session, after a bullish round of export data that was enough to significantly rise Soybean prices by around 3 percent, followed by gains in Corn and Wheat futures.
Regarding the weather, across the central of the United States, the weather is expected to be relatively dry and cool weather is anticipated to prevail till the end of the week.
On the energy front, WTI Oil prices rose on Monday’s session to close at 71.71 USD per barrel and currently rose to trade at 71.94 USD per barrel at 5:40 GMT as the signs that Iranian Oil exports this month will drop due to the sanctions against Tehran that are set to start in November.
Moreover, Brent Oil gained on Monday to close at 80.81 USD a barrel and currently higher to trade at 81.13 USD per barrel at 5:40 GMT.
Wheat:
CBOT Wheat December futures were trading higher on Monday’s trading session after some technical buying to end the session at 5.24-1/2 USD per bushel, and currently trading at 5.24-3/4 USD per bushel at 5:40 GMT.
The European Union’s soft Wheat exports reached 176.4 million bushels as of the 14th of October, falling by around 23 percent year-over-year. Moreover, European Union barley exports were also down by 8 percent year-over-year.
In Russia, the country’s Wheat harvest total production reached 2.657 billion bushels as of the 12th of October down from last year’s pace.
Over in Syria, the country issued an international tender to purchase 7.3 million bushels of Milling Wheat, due to drought and war that has hit the country.
Meanwhile, Jordan issued another international tender to purchase to buy 4.4 million bushels of hard milling Wheat that closes on the 17th of October.
Initial volume estimates fell moderately from Friday’s count of 83,688 CBOT contracts to settle down at 62,319 CBOT contracts at the end of Monday.
Corn:
CBOT Corn December futures ended the trading session in the green territory on Monday. CBOT Corn futures ended the session at 3.78 USD per bushel and currently trading lower at 3.76-1/4 USD at 5:40 GMT.
The year of 2018 Corn harvest in Russia reached 233.8 million bushels as of the 12th of October, which was down slightly year-over-year.
As of the 14th of October, the European Union’s Corn imports reached 189 million bushels, trending 10 percent higher year-over-year.
Initial volume estimates rose slightly from Friday’s count of 307,862 CBOT contracts to reach 330,108 CBOT contracts on Monday.
Soybean:
CBOT Soybean November futures higher by 3 percent on Monday’s session to end the session at 8.91-1/2 USD per bushel, while currently trading lower at 8.86-3/4 USD per bushel at 5:40 GMT.
Soybean imports for the European in 2018/2019 advanced by 12 percent as of 14th of October, totaling 136 million bushels. However, Soymeal and Palm oil were down by 18 percent and 10 percent year-over-year respectively.
Initial volume estimates advanced significantly from Friday’s count of 135,646 CBOT contracts to settle up at 221,926 CBOT contracts on Monday.
