Grains’ futures rose moderately on Wednesday’s trading session, after the severe downturn on Tuesday on fear of trade conflict between China and the U.S.
The central U.S. is expected to face cooler weather trends over the next several days; with some daytime highs falling more than 10 degrees below average conditions, therefore, it might affect the grains’ prices upwards.
Oil prices fell today as Iran has signaled that it might support a moderate rise in OPEC crude output.
U.S. West Texas Intermediate Crude Oil August futures closed Wednesday’s session at 65.32 USD per barrel and is currently trading bit higher at 65.50 USD per barrel at 6:50 GMT. Moreover, Brent Oil August futures settled lower at 74.28 USD per barrel and now sold at 74.20 USD at 6:50 GMT.
CBOT July Wheat futures were higher on Wednesday after mixed action on price charts. CBOT July Wheat prices ended yesterday’s session at 4.87-1/4 USD per bushel but currently trading lower at 4.82-1/4 USD a bushel at 6:50 GMT.
Ukraine’s grain exports have dropped around 10 percent from the same time a year ago. For the current year, the country has exported 617.3 million bushels of Wheat so far.
In Bangladesh, the country has issued an international tender to purchase 1.8 million bushels of Wheat that close on the 3rd of July.
Initial volume estimates fell by 45 percent from Tuesday’s final count of 247,000 contracts to read for 131,925 CBOT contracts.
CBOT July Corn futures faced some fractional gains on Wednesday’s session supported by a small technical rebound. CBOT July Corn prices settled on Wednesday at 3.53-3/4 USD per bushel and now trading at 3.51 USD a bushel at 6:50 GMT.
The U.S. Ethanol assessment shows that output is up by another 11,000 barrels per day to reach 1.06 million barrels produced daily.
The latest purchase of 5.4 million bushels of Corn from South Korea has brought the country’s total purchases to over than 59 million bushels so far this month.
Analysts are expecting a slightly bigger South African Corn crop for 2018, reaching 511.4 million bushels raising it from 508.2 million bushels in May. Domestic consumption is expected to take more than 75 percent of the total.
Preliminary volume estimates were down by 56 percent from Tuesday’s count of 772,150 contracts to read for 336,509 contracts.
CBOT July Soybean futures were moderately higher after facing some losses during most of Wednesday’s morning. CBOT July Soybean finished Wednesday’s session at 8.88-1/2 USD per bushel to trade now at 8.81-1/4 USD at 6:50 GMT.
After the United States Department of Agriculture export report, analysts are expecting the agency to show total Soybean sales to range between 14.7 million bushels and 36.7 million bushels.
Furthermore, analysts also expected the agency to report between 50,000 and 300,000 metric tons of Soymeal sales last week.
Initial volume estimates fell by more than 50 percent from Tuesday’s count of 507,390 contracts to 223,889 contracts.