Grains futures’ rose on Wednesday where wheat futures jumped to hit their highest price since eight weeks.
Kansas and Nebraska are expected to receive 1” to 2” additional rain through upcoming three days, while in Corn Belt Daytime highs should remain mild over the next several days.
On Wednesday, oil prices rose on Wednesday where U.S crude oil close the session in the green at $69.25 a barrel while Brent oil rose to end up at $73.96 a barrel.
Oil prices remained steady on Thursday as it traded at $69.23 a barrel while Brent oil rose to trade at $74.31 a barrel at 11:00 GMT boosted by the decision of KSA to suspend crude shipments through a strategic Red Sea shipping lane.
CBOT Wheat September contracts prices rose on Thursday to end the session sharply higher at $5.42-1/4 a bushel while it continued its gains to trade at $5.49-1/2 a bushel on Thursday at 11:00 GMT.
Wheat futures were supported by concerns about crop shortfalls in key production areas around the globe.
Wheat harvest reached 525.4 million bushels in Ukraine while Bangladesh received offers for its international tender for 1.8 million bushels of wheat that closed Wednesday.
According to Reuters, China sold a little more than 365,000 bushels of its state reserves of 2013 imported wheat at auction Wednesday, which was only about a half percent of the total available for sale.
Wheat Futures trading volume rose on Wednesday from 112,611 to 261,485 bushels.
Corn September rose on Wednesday to end the session in the green at $3.59 a bushel while it rose on Thursday it rose to trade at $3.64 a bushel.
Corn futures were supported by the increase in wheat prices and the dry weather as it would limit the harvest in U.S Midwest.
Reuters reported that, Brazil sold about 317 million gallons of ethanol in the first half of July, which is 16.7% higher compared to the same period last year.
South Africa’s grain stocks have reached 217.7 million bushels by the end of June (up nearly 62% from a month prior), with exports reaching 23.2 million bushels.
Grain traveling U.S. railways last week reached 23,767 carloads, a 16.5% increase year-over-year. Cumulative volume for 2018 has totaled 671,763 carloads, which is 1.5% higher than 2017’s pace.
Soybean September contract rose slightly on Wednesday to close the session in the green at $8.65-3/4 a bushel and it rose to trade at $8.82 a bushel at 11:00 GMT on Thursday.
The gains in soybean market were supported by the Trump administration’s plan to provide up to $12 billion in aid to shield farmers from economic pain stemming from trade disputes.
Analysts are expecting that USDA will report an additional 50K to 275K metric tons of soymeal sales plus another 8Kto 40K MT of Soyoil sales.
The trading volume of Soybean contracts reached 139,115 on Wednesday.