Agricultural commodities ended Friday’s session in the red territories, as Corn, Soybean, and Wheat ended lower due to struggling stock markets.November 26, 2018
Agricultural commodities ended Friday’s session in the red territories, as Corn, Soybean, and Wheat ended lower due to struggling stock markets and collapses in Crude Oil prices.
On the energy front, Oil prices rose moderately after incurring losses after it fell by eight percent in the previous session.
WTI Oil prices plunged on Friday session to close at 50.39 USD per barrel at the end of the session while currently trading at 51.17 USD per barrel at 10:10 GMT.
Furthermore, Brent Oil fell on Friday’s trading session to close at 59.43 USD per barrel at the end and now trading at 59.53 USD per barrel at 10:10 GMT.
CBOT Wheat December futures fell on Friday’s session; Wheat December futures ended the session at 4.98-3/4 USD per bushel while currently trading at 5.05-1/2 USD per bushel at 10:10 GMT.
On Friday, the International Grains Council expected that the global Wheat acres will rise one percent for harvest in 2019, with projected increases in the EU, U.S., Russia, and India despite uncertain weather.
In Egypt, the country has filled half of a tender for around 8.8 million bushels, as soft red winter Wheat from Gulf, while the rest is coming from other destinations like Russia and Romania.
Regarding weekly sales total, last week’s count was unsatisfactory at 12.1 million bushels, which was more than 5 million bushels below the rate forecasted by the United States Department of Agriculture for the rest of the marketing year.
CBOT Corn December futures fell on Friday’s trading session. CBOT Corn futures declined to trade at 3.59 USD per bushel at the close while currently trading flat at the same price at 10:10 GMT.
Last week’s export sales are expected to fall below 35.2 million bushels, being less than the weekly forecasted rate by the USDA for the marketing year.
However, Ethanol production fell last week as plants faced weaker margins after pushing basis to attract Corn from farmers holding tight to newly harvested inventory.
Preliminary volume estimates were for 317,042 contracts, down slightly from its prior day’s final count of 386,231 CBOT contracts
CBOT Soybean January futures lower on Friday’s session due to export news, Soybean future prices closed the session at 8.80 USD per bushel, while currently trading lower at 8.74-1/2 USD per bushel at 10:10 GMT.
In mainland China, the country’s overall sales reached 25.2 million bushels, which was above the rate needed every week through August to meet the United States Department of Agriculture’s forecast for the current year’s crop.
Preliminary volume estimates were for 50,549 contracts, dropping from 117,265 CBOT contracts.