Grains’ futures closed on the mixed territory as Soybean and Corn futures edged up, while Wheat futures fell by one percent. Meanwhile, Wednesday’s trading session was remarked as a low trading volume.
Additionally, Oil futures finished lower on Wednesday, due to an anticipated rise in the U.S. Oil inventories, therefore affecting oil prices to advance. Meanwhile, in oil news, the largest shipment of crude oil since the first of 2015 sourced from Vancouver will be sent to China.
The U.S. West Texas Intermediate Crude Oil August futures were trading lower to close the session at 68.96 USD per barrel and is currently trading at 68.52 USD per barrel at 7:35 GMT. Furthermore, Brent Oil September futures dropped to reach 73.03 a barrel at the close and trading now at 72.38 USD per barrel at 7:35 GMT.
CBOT September Wheat Futures were lower on Wednesday’s session for the second time in a row pressured by technical selling. CBOT Wheat Futures fell by one percent to close the session in the red at 4.94-3/4 USD per bushel and currently trading down for 4.93-3/4 USD per bushel at 7:35 GMT.
In Germany, the country’s farming association could not estimate winter’s Wheat harvest due to an ambiguous drought damage but said that Wheat harvest would be significantly lower compared to last year’s harvest.
The preliminary volume of Wheat fell to 88,326 lowered by around 26 percent from yesterday’s count of 119,720.
CBOT September Corn Futures edged up by around 0.07 percent on Wednesday’s session due to technical buying. CBOT Corn Futures closed yesterday at 3.47 USD per bushel and trading now at 3.47-1/4 USD a bushel at 7:35 GMT.
Furthermore, the U.S. Energy Information Administration stated that Ethanol production surged 31,000 barrels per day to reach 1.06 million barrels.
In South Korea, the country continues as an active buyer with some deals expected to be sourced from the U.S.
Meanwhile, according to the United States Department of Agriculture’s forecast on export sales for the 2017 crop, export sales are likely to overcome the weekly USDA’s projections needed through August.
Preliminary volume estimates were down by 23 percent from Wednesday’s count of 280,232 contracts to read 216,975 CBOT contracts. Furthermore, the CBOT initial report showed that daily futures volume rose by 14 percent to 322,260.
CBOT August Soybean Futures were higher on Wednesday’s session supported by the concerns about Chinese tariffs. CBOT Soybean Futures closed the session at 8.47-3/4 USD per bushel and trading now lower for 8.45 USD at 7:35 GMT.
Export sales for old and new crops are anticipated to advance by 20 million bushels, almost the double since last week.
According to the United States Department of Agriculture’s records for large purchases, Pakistan has announced buying 7.3 million bushels of new crop.
The CBOT initial report showed that the daily futures volume advanced by 11 percent to reach 188,704. Meanwhile, the primary volume estimates declined by around 42 percent than the last count of 188,704 contracts to s total of 110,369 contracts.