Wheat and Corn September Futures Closed the Session Down While Soybean Futures Ended the Session in the Green Territory

Grains futures’ closed Tuesday’s session on mixed notes where Wheat and Corn September futures ended the session down while Soybean futures closed the session in the green territory.

Later this week the weather is expected to be cooler than normal in some parts of Northern Plains and Upper Midwest. Some parts of Missouri and Kansas might receive an additional 2” to 3” additional rains during these days.

Oil prices rose on Wednesday as API reported a decline in oil inventories to 3.16 million barrels for the week ending July 21, U.S crude oil closed the Tuesday’s session in the green at $68.74 a barrel while Brent closed up at $73.65 a barrel.

On Wednesday Brent oil rose to trade at $73.92 a barrel while U.S crude oil fell to trade at $68.50 a barrel at 12:00 GMT.

Wheat:

CBOT Wheat futures September Contract closed Tuesday’s session in the red at $510.75 a bushel, while it rose on Wednesday to trade at $522 a bushel at 12:00 GMT.

Wheat condition came in the line with expectations where USDA reported it moved 80% good-to-excellent the prior week to 79%.

The trading volume of Wheat futures reached 94,265 in Tuesday.

According to Reuters, Egypt purchased 15.4 million bushels of wheat in an international tender, with more than half coming from Russia, with the remainder sourced from Romania and Ukraine.

Japan has purchased 2.3 million bushels of food-quality wheat from Canada in a regular tender that closed Tuesday.

China sold 1.1 million bushels of its imported 2013 wheat reserves at auction Tuesday, which was 1.7% of the total available for sale.

Corn:

CBOT Corn September contract plunged on Tuesday where it closed the session in the red at 352.00 while it rose on Wednesday to trade the session up 355.00 at 12:00.

USDA reported that, it kept the quality of the grain at 72% while analyst expected it to decline to 71 percent.

Some analysts expect the Argentina’s corn crop would reach 1.732 billion bushels for the year 2018/19, which may boost the production by 40 percent or more.

Corn trading volume reached 226,305 on Tuesday.

Soybean:

CBOT Soymeal September contract closed yesterday’s session in the green at $863.25 a bushel while it declined today to trade at $861.00 a bushel at 12:00 GMT.

USDA rated the Soy crop at 71 percent while analysts expected a decline from 70 to 69 percent.

Around 78 percent of Soy crop is now blooming compared to 67 percent of last year crop.

Soybean trading volume reached 192,244 contracts on Tuesday.