Grains’ futures closed higher on Tuesday’s trading session, due to few downfalls in the U.S. grains production. Wheat rose over production concerns in the European Union, while Corn and Soybean kept a positive direction after the United States Department of Agriculture lowered its quality ratings.
Additionally, Oil futures finished lower today, absorbing last week’s news about a rise in the U.S. Oil inventories and concerns about an advancing weak demand.
The U.S. West Texas Intermediate Crude Oil August futures were trading lower to close the session at 67.58 USD per barrel and is currently trading at 67.55 USD per barrel at 7:30 GMT. Furthermore, Brent Oil September futures dropped to reach 71.60 a barrel at the close and currently trading at 71.55 USD per barrel at 7:45 GMT.
CBOT September Wheat Futures were higher on Tuesday’s trading session. CBOT Wheat Futures rose by 1.58 percent to close the session in the green at 4.98-1/4 USD per bushel and trading now higher for 5.00-1/2 USD per bushel at 7:45 GMT.
In Japan, the country has offered to buy from the United States in a regular tender 2.1 million bushels of food-quality Wheat, which will close on Thursday. On the other hand, Japan’s Ministry of Agriculture stated that no offers were received for feed-quality Wheat.
Meanwhile, in Saudi Arabia, it is working on not to undermine the country’s strategic reserves of Wheat by completing the plans of importing around 23 million bushels of Wheat during September and October.
Over in China, the country’s Wheat is expected to drop by around 20 percent this current year due to bad weather hitting its major growing area fields.
CBOT initial volume estimations edged up from Monday’s count of 103,985 contracts to reach around 113,701 CBOT contracts.
CBOT September Corn futures rose above 0.21 percent on Tuesday’s trading session to close at 3.46 USD per bushel and trading now at 3.47-1/2 USD a bushel at 7:45 GMT.
Furthermore, short covering was encouraged due to the weak crop rating reported on Monday by the USDA. To continue with, the United States Department of Agriculture linger to declare that crop is developing rapidly at 63 percent compared to the average of 37 percent.
Preliminary volume estimates were up by 14.8 percent from Monday’s count of 224,336 contracts to read on Tuesday at 257,719 CBOT contracts. Meanwhile, the CBOT initial report showed that the daily futures volume were down by 23 percent to read for 246,835.
CBOT August Soybean futures were higher on Tuesday’s session after USDA’s report was released on Monday, regarding the U.S. crop quality. CBOT Soybean Futures closed the session at 8.45 USD per bushel and trading now a bit higher for 8.46-3/4 USD at 7:45 GMT.
The U.S.-China trade war has affected Soybean negatively, forcing the Chinese Soybean’s buyers in moving away from the United States and heading to Brazil.
Primary volume estimates edged higher from Monday’s count of 157,251 contracts to reach 177,754 contracts. Meanwhile, the initial CBOT report revealed that daily futures volume declined by 10 percent reaching 170,143.