Grains’ futures were mixed on Thursday’s trading session, as it was a tough day for Soybean futures that tumbled more than 2 percent

Grains’ futures were mixed on Thursday’s trading session, as it was a tough day for Soybean futures that tumbled more than 2 percent caused by continued good U.S. weather. Corn futures also stumbled, while Wheat rose due to weather concerns.

Regarding weather news, warmer-than-normal weather conditions are expected to occur across the central U.S. which is expected to push down Corn prices.

Oil prices fell on Friday’s session reversing early gains which is a sign of weakening demand in China and surging U.S. output weighed on markets.

U.S. West Texas Intermediate Crude Oil July futures were closed yesterday’s session at 65.93 USD per barrel and now trading a bit lower at 65.65 USD at 9:30 GMT. Furthermore, Brent Oil August futures closed on Thursday at 77.29 USD per barrel and currently trading at 76.94 USD at 9:30 GMT.

Wheat:

CBOT July Wheat futures rose on Thursday’s session supported by technical buyers and worries about some crop conditions overseas. Wheat July contracts closed yesterday at 5.26-3/4 USD per bushel and currently trading at 5.20-1/2 USD a bushel at 9:30 GMT.

Export sales for the final week of the 2017 crop marketing year are expected to be tepid again. Wheat export shipments of 8.6 million bushels dipped 48 percent below that prior week.

Japan has purchased 5.3 million bushels of Wheat, with almost more than half sourced from the U.S. In the meantime, European Union Wheat has fallen 18 percent year-over-year.

In Jordan, the country has made a very few Wheat purchases so far this year; it has issued an international tender to buy 4.4 million bushels closing June 13.

Corn:

CBOT July Corn futures were down on Thursday’s session pressured by favorable growing conditions across much of the central U.S. July futures closed its session yesterday at 3.76-1/4 USD per bushel to trade now lower at 3.73-3/4 USD per bushel at 9:30 GMT.

South Korea proceeds to be a very active Corn buyer over the past two weeks, reaching around 35 million bushels of Corn. European Union Corn imports are higher by 39 percent from the prior year counting for 629.9 million bushels as of June 5.

Meanwhile, in China, the country sold nearly 63 percent of its total available for sale at an auction, which is more than 98 million bushels of its state reserve of Corn.

Thursday’s initial volume estimates were down from Wednesday’s final count by around 12 percent to read 98 million bushels.

Soybean:

CBOT July Soybean futures fell on yesterday’s session, July futures fell by 20 cents to end the session at $9.73-1/2 per bushel and currently trading lower for 9.68 USD per bushel at 9:30 GMT.

Soybean export shipments of 19 million bushels settled at 20 percent which is below last week that was 21 percent. China, with 4.8 million bushels, was the number one destination but only accounted for around 25 percent of the total.

European Soybean imports were down by around 3.8 percent from a year ago, reaching 463 million bushels as of June 5. However, Soymeal imports were up by 2.4 percent.

The initial report from the CBOT showed future daily volume down by 23 percent to count 212,248 while the open interest gained 7,454 despite light fund selling.