Grains’ futures were mixed on Monday’s trading session due to trade war concerns and weather factors that continued to weigh down Corn and Wheat prices.
Weather is expected to be hot throughout most of the central U.S. this week to end the week with cooler-than-normal temperatures, affecting the grains’ prices to go down.
Oil prices fell today on expectations that OPEC and Russia will gradually rise output after withholding supplies since 2017.
U.S. West Texas Intermediate Crude Oil July futures closed Monday’s session at 65.82 USD per barrel and is currently trading at 65.25 USD per barrel at 6:20 GMT. Moreover, Brent Oil August futures settled in the red at 75.32 USD per barrel and currently trading at 74.67 USD at 6:20 GMT.
CBOT July Wheat futures tumbled on Monday, pressured by weather forecasts and technical selling that created additional turmoil. CBOT July Wheat prices ended yesterday’s session at 4.89-1/4 USD per bushel and currently trading at 4.85-3/4 USD a bushel at 6:20 GMT.
In Ethiopia, the country has purchased 7.3 million bushels of Wheat, to reduce the production deficits caused by the country’s ongoing struggles with drought conditions.
European Union crop monitoring service MARS has lowered its monthly per-acre yield estimates from 92 bushels per acre to 89.9 bushels per acre, pressured by some drought concerns.
Initial volume estimates fell moderately from Friday’s final count of 233,124 contracts to read for 195,430 CBOT contracts.
CBOT July Corn futures fell on Monday pressured by technical selling. CBOT July Corn prices settled Monday’s session at 3.55-3/4 USD per bushel and now traded at 3.49-1/2 USD at 6:20 GMT.
After United States Department of Agriculture Crop Progress report on Monday’s afternoon, analysts are expecting the agency to rate 76 percent of the 2018 U.S. Corn crop in good-to-excellent condition, down by one percent from the week before.
Corn export inspections reached 65.7 million bushels surpassing trade estimates that ranged between 43 million and 63 million bushels last week, which also bested the prior week’s total of 55.5 million bushels.
The European Union crop monitoring services, MARS, lowered its monthly estimates of corn from 113.6 bushels per acre in May to 109.3 bushels per acre caused by dry conditions in some key production areas in the European Union.
Preliminary volume estimates dropped nearly 39 percent below Friday’s count of 704,993 contracts to read for 430,991 contracts.
CBOT July Soybean futures avoided further tumbling, but trade worries limited it gains significantly. CBOT July Soybean finished Monday’s session at 9.07-1/2 USD per bushel to trade now at 8.89 USD at 6:20 GMT.
After Monday afternoon’s United States Department of Agriculture Crop Progress report, analysts are expecting the agency to rate 74 percent of the 2018 U.S. Soybean crop in good-to-excellent condition, which is unchanged from the prior week.
Soybean export inspections last week was 30.1 million bushels, moderately higher than the prior week’s total of 24.8 million bushels and surpassing trade expectations which ranged between 12 million and 23 million bushels.
Initial volume estimates were down moderately from Friday’s final count of 440,124 contracts to read for 348,289 contracts.