Agricultural commodities ended Friday’s session higher, as world leaders descend on Argentina, trader reacted positively to the event and completed an additional round of short-covering.

Agricultural commodities ended Friday’s session higher, as world leaders descend on Argentina, trader reacted positively to the event and completed an additional round of short-covering, which resulted in a boost in Wheat, Corn and Soybean prices.

Oil prices advanced by more than 5 percent on today’s session after the United States and China agreed on a 90-day truce regarding the trade dispute.

WTI Oil prices ended Friday’s session lower to close at 50.67 USD per barrel at the end of the session, while currently trading a higher at 53.15 USD per barrel at 9:20 GMT.

However, Brent Oil edged moderately on Friday’s trading session to close at 59.15 USD per barrel at the end and now trading at 61.82 USD per barrel at 9:20 GMT.

Wheat:

CBOT Wheat March futures surged on Friday’s session supported by short-covering; Wheat December futures ended the session at 5.15-1/4 USD per bushel and currently trading higher at 5.21-1/4 USD per bushel at 9:20 GMT.

FranceAgriMer, the French consultancy reported that as of the 26th of November, around 82 percent of the country’s soft Wheat crop is in good-to-excellent condition, which was the same as the prior week.

In a recent survey, the United Kingdom’s growth in the next year may reach a five-year high, reaching 4.596 million acres after advancing by 4 percent year-over-year.

Initial volume estimates rose moderately from Thursday’s count of 88,937 CBOT contract to reach 97,877 CBOT contracts on Friday.

Corn:

CBOT Corn March futures traded higher on Friday’s trading session on trade optimism and some short-covering. CBOT Corn futures rose to trade at 3.77-3/4 USD per bushel at the close, while currently trading a higher at 3.81-1/2 per bushel at 9:20 GMT.

Meanwhile, analysts expected that Brazil’s 2018/2019 Corn crop would be higher by 3.6 percent year-over-year, reaching 1.094 billion bushels due to the increased acreage and overall favorable weather.

In Taiwan, the country bought through an international tender that closed on Friday around 2.6 million bushels of Corn that were sourced from the United States and Brazil. The shipment is expected to be delivered in February or in early March next year.

Preliminary volume estimates were lower by less than a half of Thursday’s session of 489,266 CBOT contracts to reach 241,641 CBOT contracts on Friday.

Soybean:

CBOT Soybean January futures rose on Friday’s trading session, bouncing back from the losses in the previous session, Soybean future prices closed the session at 8.94-3/4 USD per bushel, while currently trading higher at 9.14-3/4 USD per bushel at 9:20 GMT.

The sale of 4.4 million bushels of Soybean was reported by private exporters to the United States Department of Agriculture during the year of 2018/2019 to be delivered to unknown destinations.

Meanwhile, South Korea has issued a multiple of international tenders to buy 6.6 million bushels of non-GMO Soybeans to arrive in late 2019 and 2020, with a deadline for the offers at the 11^th of December.

In Ukraine, the country’s 2018 Soybean’s harvest exceeded 2017’s harvest by around 16 percent to reach 161.7 million bushels

Preliminary volume estimates dropped from Thursday’s count by 10.8 percent to reach 134,174 CBOT contracts on Friday.