Agricultural commodities ended Tuesday’s session in mixed territories, as Wheat fell, Corn rose, and Soybean picked up significant gains.November 28, 2018
Agricultural commodities ended Tuesday’s session in mixed territories, as Wheat fell, Corn rose, and Soybean picked up significant gains rebounding from the prior session on Monday due to the optimism around the upcoming negotiations regarding the U.S. trade war.
On the energy front, Oil prices rose above one percent supported by a North Sea production outage and expectations that OPEC will reduce its supply to counter an emerging gult.
WTI Oil prices gained on Tuesday’s session to close at 52.08 USD per barrel at the end of the session while currently trading a bit lower at 52.02 USD per barrel at 8:50 GMT.
Furthermore, Brent Oil rose on yesterday’s trading session to close at 60.83 USD per barrel at the end and now trading at 60.71 USD per barrel at 8:15 GMT.
CBOT Wheat December futures faced significant losses on Tuesday’s session due to technical selling and pressure from large global supplies; Wheat December futures ended the session at 4.97 -1/4 USD per bushel and currently trading lower at 4.94-3/4 USD per bushel at 8:50 GMT.
SovEcon, the Russian consultancy, raised its Wheat export estimates for the year of 2018/2019 by around 1.5 percent, reaching 1.275 billion bushels.
Meanwhile, through a tender that closed yesterday, Algeria bought 22 million bushels of Milling Wheat, which is expected to be sourced from Argentina and France, and to be delivered in December and January.
Furthermore, Jordan has issued an international tender to buy 4.4 million bushels of Hard Milling Wheat to be delivered in March or April.
In mainland China, through an auction, the country sold around 1.2 percent of its total available for sale, which was around 345,000 bushels of its state reserve of 2013 imported Wheat.
Initial volume estimates were lower than Monday’s count by 33 percent of 133,854 CBOT contract to reach 88,763 CBOT contracts on Tuesday.
CBOT Corn December futures gained on Tuesday trading session as the prices caught some spillover strength from Soybean prices. CBOT Corn futures rose to trade at 3.56-1/4 USD per bushel at the close, while currently trading higher at 3.57 per bushel at 8:50 GMT.
Last week’s Corn harvest reached 94 percent completion, which was up from the prior week of 90 percent.
Meanwhile, Algeria has issued an international tender to buy 4.7 million bushels of Corn that closes on 28th of November, which is sourced from Argentina.
Preliminary volume estimates were lower than Monday’s count of 709,256 CBOT contracts to reach 323,732 contracts on Tuesday.
CBOT Soybean January futures rose significantly by more than 1.5 percent on Tuesday’s session supported by optimism regarding the U.S.-China trade ahead of Friday’s G20 summit, Soybean future prices closed the session at 8.61-3/4 USD per bushel, while currently trading higher at 8.63-1/2 USD per bushel at 8:50 GMT.
Soybean’s harvest completion advanced from the prior week of 91 percent to reach 94 percent completion last week.
Preliminary volume estimates were significantly lower than Monday’s count of 202,271 CBOT contracts, to settle down at 103,691 CBOT contracts on Tuesday.