Grains’ futures were mixed on Monday morning but ended lower due to the favorable weather that affects the grains’ prices. Corn futures were the largest loser to fall by around 3 percent, Soybean prices fell more than 1.5 percent, and Wheat prices were down between 0.5 percent and one percent.
The central U.S. weather starts off mixed, companied by seasonally cool weather entering most of the Northern Plains and upper Midwest and mostly leveling off to average temperatures by the week’s end causing some pressure on grains’ prices.
Oil prices were a bit higher today due to optimism over the outcome of the meeting between U.S. President Donald Trump and North Korean leader Kim Jong Un in Singapore.
U.S. West Texas Intermediate Crude Oil July futures closed yesterday’s session at 65.05 USD per barrel and now trading a bit higher at 65.23 USD at 5:20 GMT. Furthermore, Brent Oil August futures closed on Friday at 76.36 USD per barrel and currently trading at 76.51 USD at 5:20 GMT.
CBOT July Wheat futures were struggling to turn higher pounded by mixed news about the weather in the U.S. and around the world. Wheat July contracts closed Monday’s session at 5.14-1/4 USD per bushel and currently trading at 5.15-1/2 USD a bushel at 5:20 GMT.
Sums for U.S. Wheat export inspections last week reached 13.6 million bushels, higher than the prior week’s total of 12.8 million bushels but still lower than the United States Department of Agriculture’s weekly forecast of 17.5 million bushels.
In the Middle Eastern region, Syria’s state grain agency issued a tender to purchase 7.3 million bushels of Wheat to be shipped in August or September. Meanwhile, in Egypt, the country is in search of between 2 and 2.2 million bushels of several types of Wheat.
China sold around 0.4 percent of its total available for sale, which is more than 250,000 bushels of its state reserve of Wheat at an auction on Monday.
Initial volume estimations were down significantly from Friday’s final count of 237,911 contracts to read for 140,822 CBOT contracts.
CBOT July Corn futures were lower yesterday, as the early crop season weather has been favorable so far. Corn July contracts closed Monday’s session at 3.67 USD per bushel and now trading higher at 3.69-3/4 USD a bushel at 5:20 GMT.
Trade analysts are expecting the United States Department of Agriculture to report that 78 percent of the current year’s Corn crop is in good-to-excellent condition due to a week of mostly cooperative growing weather.
Last week, Corn inspections reached 55.5 million bushels, slower than prior week’s pace of 61.3 million bushels.
Dry weather across some significant productions regions made the European grain association Coceral to lower its estimates of 2018 European Union’s Corn production by around 2.5 percent to read 2.374 billion bushels.
The preliminary volume estimates jumped from Friday’s final count of 329,953 contracts to reach 439,623 contracts.
CBOT July Soybean futures continue to face downward pressure due to favorable growing conditions and trade tensions. Soybean July contracts close yesterday’s session at 9.54 USD a bushel to trade higher today at 9.60-3/4 USD per bushel at 5:20 GMT.
Export inspections reached 23.7 million bushels last week, which is a moderate improvement from the prior week’s total of 21.1 million bushels and this week a year ago, at 18.8 million bushels.
The initial volume estimates were down moderately from Friday’s count of 285,856 contracts to yesterday’s final number of 235,660 contracts.