Agricultural commodities ended Thursday’s session mostly lower, as Wheat and Soybean faced losses, while Corn prices ended flat .December 2, 2018
Agricultural commodities ended Thursday’s session mostly lower, as Wheat and Soybean faced losses, while Corn prices ended flat due to bullish export data from the United States Department of Agriculture.
Oil prices rose on yesterday by around 2 percent after Russia accepted to cut its production, together with the OPEC.
WTI Oil prices advanced on Thursday’s session to close at 51.24 USD per barrel at the end of the session, while currently trading a lower at 50.84 USD per barrel at 10:50 GMT.
Furthermore, Brent Oil gained on yesterday’s trading session to close at 59.27 USD per barrel at the end and now trading at 59.51 USD per barrel at 10:50 GMT.
CBOT Wheat March futures were lower on Thursday’s session after technical selling that pushed prices lower; Wheat December futures ended the session at 5.08 USD per bushel and currently trading higher at 5.10 USD per bushel at 10:50 GMT.
Export sales of Wheat reached 13.9 million bushels last week, beating the prior week’s total of 12.1 million bushels, and moving ahead of trade estimates of 13.8 million bushels.
As of the 25th of November, the European Union’s soft Wheat production reached 227.8 million bushels in the year of 2018/2019. However, it is trading lower than year-over-year by 29 percent.
In Russia, the country’s consultancy SovEcon expected that Wheat production could reach around 2.840 billion bushels in 2019.
Mainland China sold around 245,000 bushels of Wheat through an auction on Thursday, which was less than one percent of the country’s total available for sale.
Initial volume estimates fell moderately from Wednesday’s count of 107,497 CBOT contract to reach 75,923 CBOT contracts on Thursday.
CBOT Corn March futures ended flat on Wednesday’s trading session due to some technical selling. CBOT Corn futures rose to trade at 3.73 USD per bushel at the close, while currently trading a bit higher at 3.73-1/2 per bushel at 10:50 GMT.
Export sales of Corn moved moderately higher last week from prior week’s count of 34.7 million bushels to reach 49.9 million bushels, beating analyst expectations of 26.6 million bushels.
Through an international tender that closed Thursday, South Korea has bought 2.7 million bushels of Corn that is expected to arrive in late April.
Moreover, Algeria has purchased 1.5 million bushels of Corn from Argentina through a tender that closed on Wednesday and is anticipated to arrive in December.
Preliminary volume estimates were lower by 41 percent than Wednesday’s count of 591,206 CBOT contracts to reach 346,038 CBOT contracts on Thursday.
CBOT Soybean January futures fell on some technical selling on Thursday, Soybean future prices closed the session at 8.87-1/2 USD per bushel, while currently trading higher at 8.88-3/4 USD per bushel at 10:50 GMT.
Sales of Soybean counted for 23.1 million bushels for the week ending on the 22nd of November, which was slightly down from the week before with a total of 25.2 million bushels. The estimates were below analyst expectations of 23.9 million bushels.
Preliminary volume estimates dropped from Wednesday’s count by 37 percent to reach 129,165 CBOT contracts on Thursday.