Meanwhile, Grains’ futures started their first trading session this week in red territories losing double digits on Monday. On Tuesday’s session CBOT Wheat and Corn prices rose supported by technical buying.
In terms of weather news, the forecast shows some seasonally cool weather over the eastern Corn Belt later this week. Which is expected to push prices slightly higher.
The National Oceanic and Atmospheric Administration’s outlook for June shows a warmer-than-normal temperature especially across the Southern Plains and Southwest U.S. with drier-than-normal conditions.
Oil prices rose on Tuesday’s session, as investors were looking ahead for the latest data from the Energy Information Administration later today.
Expectations show that crude Oil stockpiles might drop by 1.824 million barrels significantly lower than the previous reading which showed that inventories drooped by 3.62 million barrels.
U.S. West Texas Intermediate Crude Oil June futures were higher ending the session at 65.51 USD per barrel. While Brent Oil August futures were a notch lower to settle at 75.08 USD per barrel.
CBOT July Wheat futures rose on Tuesday’s session supported by a round of technical buying and concerns about drought conditions in the Black Sea region. Wheat July contract closed at 5.09-3/4 USD per bushel at the session’s end.
In plantation news, Spring wheat planting is nearly complete, reaching 97 Percent. Which is slightly behind 2017’s pace of 99 percent but slightly ahead of the five-year average of 94 percent.
In other news, Jordan bought 5.5 million bushels of optional-origin barley in a tender Tuesday, a relative rarity in recent months, with the country’s quality control and payment terms limiting participation.
Iraq’s grain board announced it had purchased around 54 million bushels of Wheat so far in 2018. The country consumes approximately 165 million bushels of wheat in a typical year.
CBOT July Corn futures rose on Tuesday’s session supported by technical maneuvering. July futures rose 3.5 cents to close at 3.83-2/4 USD per bushel.
In plantation news, Corn planting rose from 92 percent a week ago to 97 percent slightly ahead of 2017’s pace and the five-year average, of 95 percent.
According to USDA, Corn crop’s current quality was slightly lower, moving from 63 percent to 61 percent rated good, and 17 percent to 16 percent rated excellent.
Corn totaled 45.0 million bushels, 39.1 million bushels in old crop sales and 5.9 million bushels in new crop. Which was slightly higher of the prior week’s total of 44.4 million bushels and trade estimates of 43.3 million bushels. The weekly amount needed to meet USDA forecasts decreased to 5.8 million bushels. While Corn export shipments reached 74.6 million bushels.
CBOT July Soybean futures fell for the sixth consecutive session on Tuesday, pressured by the U.S.-China trade relations, July futures ended the session at $10.01-1/4 per bushel.
Soybean planting is now 87 percent complete which is slightly ahead of 2017’s pace of 81 percent and the five-year average of 75 percent.
Soybean exports rebounded from the prior week with 10.0 million bushels in old crop sales and another 28.4 million bushels in new crop sales totaling 38.4 million bushels. That total came higher than trade estimates of 36.8 million bushels.