Grain commodity futures’ ended Tuesday’s session moderately higher.October 24, 2018
Grain commodity futures’ ended Tuesday’s session moderately higher, as a favorable round of technical buying lifted the price where Corn faced the largest gains in prices.
On the energy front, WTI Oil prices fell on Tuesday’s session to close at 66.08 USD per barrel as Iran sanctions return to focus but currently trading slightly higher at 66.28 USD per barrel at 8:30 GMT.
Moreover, Brent Oil dropped on Tuesday to close at 76.15 USD a barrel but currently trading lower at 75.72 USD per barrel at 8:30 GMT.
CBOT Wheat December futures traded higher on Tuesday’s trading session due to a small technical bounce but still near three-week lows. Wheat futures ended the session at 5.08-1/4 USD per bushel, and currently trading lower at 5.03 USD per bushel at 8:30 GMT.
IKAR, the Russian consultancy, estimated that the country’s Wheat export potential in 2018 reached 1.213 billion bushels, up by 1.5 percent from prior estimates, with production for this year of 2.590 billion bushels.
In Japan, the country is seeking to purchase 3.8 million bushels of food-quality Wheat through a regular tender that closes Thursday from the United States and Canada.
Meanwhile, in China, it has sold around 1.4 percent of its total available for sale from Wheat through an auction on Tuesday, which was about 431,000 bushels of its state reserve of 2013 imported Wheat.
Initial volume estimates were down slightly from Monday’s count of 73,840 CBOT contacts to read 68,513 CBOT contracts on Tuesday.
CBOT Corn December futures were up on Tuesday’s session. CBOT Corn futures ended the session at 3.70 USD per bushel supported by some technical buying and currently trading at 3.68-3/4 USD at 8:30 GMT.
South Korea has recently purchased through an international tender that closed on Tuesday about 5.4 million bushels, that is expected to arrive in March.
In mainland China, the country’s Corn imports reached 1.6 million bushels last month, reaching its lowest level in almost two years.
Meanwhile, in Ukraine, this year’s Corn harvest completed 62 percent, with production counting 767.7 million bushels so far.
Preliminary volume predictions were significantly below Monday’s count of 238,257 CBOT contracts to reach 114,513 CBOT contracts on Tuesday.
CBOT Soybean November futures traded higher on Tuesday’s trading session to finish at 8.57 USD per bushel, while currently trading lower at 8.53-3/4 USD per bushel at 8:30 GMT.
In harvesting news, USDA’s latest report on Monday showed that harvest for the week ending on the 21st of October is now 53 percent complete.
Furthermore, soybean crop conditions were unchanged from the previous week with 66 percent rated good to excellent.
Initial volume estimates dropped from Monday’s final count of 242,581 CBOT contracts to reach 155,156 contracts on Tuesday.