Grains’ futures started Thursday’s session lower but eventually closed higher as Soybean and Corn futures edged up, while Wheat futures witnessed the most significant gain caused by export demand and some technical maneuvering.
Additionally, concerns about increasing supply pressured Oil futures down after Saudi Arabia mentioned earlier that its exports would fall in August by around 100,000 barrel per day, but crude Oil futures finished higher on Thursday. Despite the unsettling news, Brent futures ended lower.
The U.S. West Texas Intermediate Crude Oil September futures were trading higher to close the session at 68.00 USD per barrel and is currently trading at 68.53 USD per barrel at 7:40 GMT. On the other hand, Brent Oil September futures dropped to reach 72.56 a barrel at the close and trading now higher at 73.07 USD per barrel at 7:40 GMT.
CBOT September Wheat Futures were higher on Thursday’s session due to a firm export data from the United States Department of Agriculture and some increasing production concerns overseas.
CBOT September Wheat Futures rose to close the session in the green at 5.03-1/2 USD per bushel and currently trading higher at 5.06 USD per bushel at 7:40 GMT.
In Japan, the country has bought through a regular tender 2.1 million bushels of food-quality Wheat sourced from the U.S. that will be closed on Thursday.
Furthermore, Export sales of Wheat originated 11 million bushels in new crop sales, advanced from last week, but still down by 25 percent below the four-week average.
The preliminary volume of Wheat fell to 72,380 CBOT contracts lowered by around 18 percent from yesterday’s count of 88,326.
CBOT September Corn Futures edged up by around one percent on Thursday’s session after the United State Department of Agriculture’s export report surpassed analyst expectations. CBOT Corn Futures closed yesterday at 3.50-3/4 USD per bushel and trading now at 3.52 USD a bushel at 7:40 GMT.
The EPA reported that the United State’s Ethanol blending credits tumbled from 1.30 billion in May to reach 1.26 billion in June.
Through an auction on Thursday, China sold 27.7 percent of its total available for sale, which is 43.7 million bushels of its state reserve of Corn.
Yesterday, the United States Department of Agriculture reported that Corn’s export sales numbers to Argentina were incorrect, and added that the agency will correct that error in the next report.
Preliminary volume estimates edged slightly higher from Wednesday’s count of 215,049 contracts to reach 217,461 contracts. However, CBOT initial report showed that daily futures volume were down by another 18 percent to count 229,783.
CBOT August Soybean Futures were higher on Thursday, supported by a round of technical buying. CBOT Soybean Futures closed the session at 8.51-3/4 USD per bushel and trading now higher for 8.56-1/2 USD at 7:40 GMT.
Soybeans originated 9.3 million bushels and 22.5 million bushels in old crop sales and new crop sales respectively, to a total of 31.8 million bushels. Furthermore, Soybean’s export shipments were down by 18 percent from last week’s data, reaching around 22.2 million bushels.
The CBOT initial report showed that the daily futures volume declined by 37 percent to reach 118,239. Furthermore, the primary volume estimates stumbled to reach 108,801 contracts from Wednesday’s count of 109,744 contracts.