Agricultural commodities ended Tuesday’s session higher at the close, supported by the optimism regarding the trade war between China and the U.S.
In weather news, seasonally cool weather will be present across the central U.S. for the rest of this week into the weekend. Not much additional precipitation is expected for the rest of the week in the Plains and Midwest, however According to the National Oceanic and Atmospheric Administration The cumulative seven-day precipitation map from shows plenty of additional moisture for the South this week.
Oil prices fell pulled down by a U.S. supply glut and a drop in stock markets, WTI Oil prices ended Tuesday’s session lower to close at 52.58 USD per barrel at the end of the session, while currently trading a higher at 52.82 USD per barrel at 9:00 GMT.
Moreover, Brent Oil was lower on Tuesday’s trading session to close at 61.35 USD per barrel at the end and now trading at 61.51 USD per barrel at 9:00 GMT.
CBOT Wheat March futures rose on Tuesday’s session supported some spillover strength from corn and soybean prices and some short-covering, Wheat March futures ended the session at 5.22 USD per bushel and currently trading at 5.19-3/4 USD per bushel at 9:00 GMT.
In production news, European Union trade association Coceral lowered its estimation for 2018 EU soft wheat production by 1 percent to 4.275 billion bushels.
In exports news, Wheat export inspections last week came at 17.4 million bushels, higher than the prior week’s total of 10.6 million and in line with trade estimates that ranged between 12 million and 22 million bushels.
Preliminary volume estimates were for 76,459 contracts, slipping 19% below Monday’s final count of 94,249.
CBOT Corn March futures traded higher on Tuesdays trading session on spillover strength from soybeans ,CBOT Corn futures rose to trade at 3.84-2/4 USD per bushel at the close, while currently trading a higher at 3.83-2/4 per bushel at 9:00 GMT.
In exports, Corn export inspections l came at 40.8 million bushels, less than the prior week’s total of 46.5 million bushels but between with trade estimates that ranged between 27 million and 47 million bushels.
Preliminary volume estimates were for 202,398 contracts, down 27% from Monday’s final count of 278,674.
CBOT Soybean January futures extended Monday’s gains on yesterday’s trading session supported by the promises of a 90-day trade truce between China and the U.S, Soybean future prices closed the session at 9.11-2/4 USD per bushel, while currently trading at 9.11 USD per bushel at 9:00 GMT.
In brazil, Brazilian farm group anticipates the value of the country’s agricultural exports to reach $102 billion this year, higher than 2017’s $96 billion citing demand from a rising global population and consistent demand in particular from China.
In exports, Soybean export inspections last week reached 38.3 million bushels, slightly lower from the prior week’s tally of 41.3 million bushels but on the high end of trade estimates, which ranged between 18 million and 45 million bushels.
Preliminary volume estimates were for 153,703 contracts, coming in at nearly half of Monday’s final count of 351,457.