Grain’s futures closed lower on Wednesday

Prices of grains’ futures closed lower on yesterday’s trading session, as the latest United States Department of Agriculture Crop Progress report applied pressure on grain markets after showing Corn planting progress is nearly done.

Soybean prices are continuing to fall due to lack of progress regarding U.S.-China trade, while Wheat prices are also down caused by improving weather forecasts.

Oil prices fell on Thursday, pressured by an increase in U.S. Crude oil inventories and expectations that OPEC could improve output at a meeting in June.

U.S West Texas Intermediate Crude Oil June futures were down as it ended its session yesterday at 68.22 USD per barrel and trading now lower at 67.97 USD at 06:55 GMT. Furthermore, Brent Oil August futures were lower to close at 77.68 and currently at 77.24 USD at 06:00 GMT.

Wheat:

CBOT July futures dropped Thursday as USDA upgraded the 2017/18 winter wheat crop’s quality ratings, with more rain in the Plains possible over the next several days, Wheat July contract closed at 5.22-3/4 USD per bushel at 6:00 GMT.

Furthermore, Ukraine grain exports for 2017/18 are down around 10 percent from a year ago. Current exports include 595.2 million bushels of wheat, 626.0 million bushels of corn and 192.4 million bushels of barley.

China sold 5.8 million bushels of its state reserves of wheat at auction Wednesday, which was less than 8 percent of the total available for sale.

Preliminary volume estimates fell to 175,996, dropping 31 percent from Tuesday’s final count of 256,881.

Corn:

CBOT July Corn Futures slumped Wednesday after technical sellers stepped in due to bullish news from yesterday’s crop progress report. July and September futures each fell 6.5 cents to close at 3.925/2 USD per bushel.

Turkey has purchased 7.9 million bushels of corn from international tenders that closed Tuesday and for shipment in early June.

South Korea issued an international tender for 2.8 million bushels of corn originating from either South America or South Africa, for arrival in late August.

Preliminary volume estimates were for 479,063 contracts, up 20% from Tuesday’s final count of 398,775.

Soybean:

CBOT July Soybean Futures continue to stress over unresolved U.S.-China trade tensions, with the latest shot fired from President Donald Trump at his own U.S. Commerce Secretary Wilbur Ross, calling the 80-year-old “past his prime” ahead of Ross’ trip to China this weekend. July futures were down 7.5 cents to 10.22/4 USD per bushel.

Iraq issued an international tender to buy 30,000 metric tons of soyoil from optional origins and for shipment in September.

Preliminary volume estimates were for 276,343 contracts, up moderately from Tuesday’s final count of 223,694.