Grains’ futures traded on mixed territories on Friday’s trading session, Soybean futures found some support on Friday after having slumped more than 13 percent.

Grains’ futures traded on mixed territories on Friday’s trading session, Soybean futures found some support on Friday after having slumped more than 13  percent in June and attracted some bargain buying by traders and commodity funds on Friday, which lifted prices around 1.75 percent. Meanwhile, volatile Wheat futures extended its decline, with Corn futures finishing just marginally higher.

In the weather space, most of the central U.S. could see some seasonally cooler weather for the next several days. However, NOAA’s Climate Prediction Center is calling for a hotter-than-normal July in its latest monthly outlook for much of the Corn Belt.

Oil prices surged on Friday after OPEC agreed to an unexpectedly modest increase in production from next month after Saudi Arabia persuaded Iran to cooperate.

U.S. West Texas Intermediate Crude Oil August futures closed Friday session surged by 5.2 percent to trade at 65.27 USD per barrel and is currently trading at 68.50USD per barrel at 12:00 GMT. However, Brent Oil August futures jumped 3.4 percent settled higher at 75.68 USD per barrel but now at 74.40 USD at 12:00 GMT.

Wheat:

CBOT July Wheat futures lost ground on Friday weighed down concerns that dry weather will result in deterioration in crop conditions. CBOT July Wheat prices dropped 1.1 percent to trade at 490-3/4 per bushel at the close. Early Monday, the contract continued its decline to lost 0.98 percent to trade 4.79-1/4 USD per bushel 11:40 GMT.

In the Fundamental space, Ukraine’s young winter grain harvest season is underway, with nearly 3.6 percent complete. The country’s winter wheat harvest so far has averaged 43.3 BPA.

Additionally, the agriculture minister said that Ukraine could harvest up to 955 million bushels of wheat in 2018/19, with around 632 million bushels available for export.

Over in France, FranceAgriMer has again lowered its assessment of France’s durum wheat crop amid recent dry weather conditions, with estimates that 68 percent is now in good-to-excellent condition versus 72 percent a week ago.

Wheat speculators added to their net short position by 25,044 contracts to 36,639.

Preliminary volume estimates were for 129,454 CBOT contracts, dropping moderately from Thursday’s final count of 182,221.

Corn:

CBOT July Corn futures were higher on Thursday due to concerns that parts of U.S. Midwest will face heavy rains in the upcoming days. CBOT July Corn prices settled on Thursday’s session at 3.57-1/4 USD per bushel and now trading moderately higher at 3.58 USD at 7:35 GMT.

In exports, two massive Corn sales were reported to USDA on Friday. 4.6 million bushels for delivery to Panama during the 2018/19 marketing year (which begins September 1), and 5.2 million bushels for shipment to Mexico.

In planting news, India’s government expect corn acres in 2018 to be around 2.903 million acres this year versus 2.906 million acres in 2017.

FranceAgriMer also lowered its assessment of the 2018 crop, with the estimates that 72 percent of France’s corn crop is in good-to-excellent condition as of June 18 compared to 74 percent the prior week.

For the week, Commodity funds cut their net long position by 49,459 contracts to 35,003.

Preliminary volume estimates were for 308,404 contracts, slipping nearly 25% from Thursday’s final count of 409,701.

Soybean:

CBOT July Soybean futures attracted bargain buyers more than 13% so far in June the trade tensions between U.S. and China took a temporary breather on Friday. CBOT July Soybean added 1.4 percent to trade at 8.94- 1/4 USD per bushel.

Rain delays and dry weather conditions could cut India’s soybean acres by more than half this year, with the government currently estimating slightly less than 525,000 acres, versus nearly 1.3 million acres in 2017.

For the week, Commodity fund added to their net short position by 40,948 contracts to 52,390.

Preliminary volume estimates were for 315,873 contracts, up moderately from Thursday’s final count of 250,037.