Grains’ futures fell on Tuesday’s, pressured by the largely favorable crop rating and the huge concerns regarding the trade dispute between the U.S. and China.

Grains’ futures fell on Tuesday’s trading session, pressured by the largely favorable crop rating and the huge concerns regarding the trade dispute between the U.S. and China.

The central U.S. is expected to face cooler weather trends over the next several days; the cooler temperatures will also bring some rainfall, that might affect the grains’ prices upwards.

Oil prices were higher on today’s session, supported by a drop in U.S. crude inventories and the loss of storage capacity in Libya.

U.S. West Texas Intermediate Crude Oil August futures closed Tuesday’s session at 64.89 USD per barrel and is currently trading at 65.26 USD per barrel at 6:45 GMT. Moreover, Brent Oil August futures settled at 75.06 USD per barrel and now traded at 75.41 USD at 6:45 GMT.

Wheat:

CBOT July Wheat futures tumbled on Tuesday, threatening to break below its key support level. CBOT July Wheat prices ended yesterday’s session at 4.79-1/4 USD per bushel and currently trading higher at 4.85-1/4 USD a bushel at 6:45 GMT.

In Taiwan, the country has issued an international tender to purchase 3.5 million bushels of U.S. milling Wheat that closes at 26^th of June for shipment in August and September.

Argentina is expected to boost its Wheat acreage for 2018/2019 after drought struggles throughout this past winter and spring.

Initial volume estimates rose moderately from Monday’s final count of 194,426 contracts to read for 247,000 CBOT contracts.

Corn:

CBOT July Corn futures fell sharply on Tuesday causing old and new crop futures to reach new contract lows. CBOT July Corn prices settled on Tuesday’s at 3.54 USD per bushel and now trading at 3.56-1/2 USD at 6:45 GMT.

After the 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.

The 2018 U.S. Corn crop has reached 98 percent emergence as of June 17 which is up from last week of 94 percent.

Corn has started strong and managed to gain an additional foothold this past week, moving from 77 percent of the crop rated good-to-excellent to 78 percent.

Preliminary volume estimates surged to read 722,396 contracts, around 68 percent higher from Monday’s count of 430,470 contracts.

Soybean:

CBOT July Soybean futures continued to struggle due to the tensions between U.S. and China. CBOT July Soybean finished Tuesday’s session at 8.89-1/2 USD per bushel to trade now at 8.94 USD at 6:45 GMT.

In South Korea, the country has purchased nearly 294,000 bushels of non-GMO Soybeans for the arrival in November and December, also bought another 180,000 metric tons of Soymeal sourced from South America.

Soybean crops degraded slightly heading down from 74 percent rated good-to-excellent to 73 percent.

Initial volume estimates jumped by around 50 percent from Monday’s count of 341,767 contracts to 513,273 contracts.