Grain Futures Closed the Session Down on Tuesday

Grain futures closed the session in the red with the exception of Corn futures who settled on positive notes.

Early next week, the weather is expected to cooler than normal in the Midwest and Plains while some of the Central Plains are expected to receive 2 to 3 additional rains during this week. However, in the Midwest, the weather is expected to be drier.

On Monday Oil prices declined to end the session lower at $67.78 a barrel while Brent oil closed approximately flat at $72.98 a barrel. On Tuesday, Oil prices rose to trade at $68.35 a barrel while Brent oil rose to trade at $73.28 a barrel at 10:30 GMT.

Wheat:

Wheat September contract fell on Monday to end the session down at $512.50 a bushel.

On Tuesday, Wheat futures continued its losses to trade lower at $508.75 a bushel.

Wheat production fell from 17.3 million bushels to 14.6 million bushels during last week.

Meanwhile, Analysts are expecting the next Crop of USDA will reach 79 percent for 2018.

The export of Russian wheat and corn would increase by 25 percent in July to reach 78.7 million bushels of wheat and 23.0 million of Corn.

The trading volume of wheat futures reached 112,688 contracts on Monday.

Corn:

Corn September rose on Monday to end the session in the green at $356.75 a bushel while it fell on Tuesday to trade at $352.75 a bushel.

Corn prices found support from the expectations that USDA will downgrade U.S. crop quality later this afternoon in its next Crop Report.

Moreover, Analysts are expecting that the agency will reduce its assessment of the 2018 U.S. corn crop another percentage point to 71% good to excellent. At the same time last year, 62% of the crop was in good-to-excellent condition.

Trading volume for Corn futures reached 152,429 contracts.

Soybean:

Soybean September closed the session in the red at $847.75 a bushel pressured by resistance point, and it continued its losses on Tuesday to trade at $845.50 a bushel.

According to USDA Crop Progress report, analysts estimate the agency will report 68% of the U.S. soybean crop in good-to-excellent condition, down a percentage point from the prior week. The crop still rates better than a year ago, when 57% was in good-to-excellent condition.

The exports of Soybean, rose from 23.4 bushels to 26.5 bushels last week.

Reuters reported, Pakistan has recently purchased more than 13.2 million bushels of soybeans, sourced optionally from the U.S. or Brazil, bringing the country’s total soybean purchases this past month to around 22 million bushels.

Trading volume reached 104,320 contracts on Tuesday.