Grain futures closed Thursday’s session in the red territory as investors closed their positions in the later day after the increase in the grains prices in early of the day.
The temperature in Kansas, Missouri, Wisconsin, and Michigan reached its highest level since February while Corn Belt was the most affected by the temperature.
In oil pace, oil prices rose on Thursday as U.S. Crude Oil dropped to end the session in the green at $69.52 a barrel, while Brent Oil rose to trade at $76.36 a barrel.
U.S. Crude Oil fell slightly on Friday to trade at $69.43 a barrel while Brent declined to trade at $74.41 a barrel at 8:00 GMT, Oil prices found pressure from the unexpected halt in Saudi Arabia via Red Sea waterway was seen as short-lived.
CBOT Wheat prices fell on Thursday to end the session lower at $5.53-3/4 a bushel, while it rose on Friday to trade at $5.41-1/4 a barrel at 8:00 GMT.
The sales of Wheat export old crop reached 13.8 million bushels, lower by 6% compared to last week.
According to Reuters, French consultancy ODA has lowered its estimate for the 2018 European soft Wheat harvest by about 205 million bushels, for a total production of 4.589 billion bushels. Reductions stem primarily from France, Germany, Sweden, and Denmark.
Taiwan purchased 3.8 million bushels of U.S. milling Wheat in an international tender that closed Thursday, for shipment in late September or early October.
The trading Volume of Wheat futures reached 231,907 contracts on Thursday.
CBOT Corn September contract declined on Thursday to end the session lower at $3.61 a bushel, while on Friday it rose to trade higher at $3.63 a bushel.
The sales of Corn export old crop reached 13.3 million, while the new crop export sales reached 29.4 million last week lower by 12.9 million bushels.
According to Reuters, China sold 46 million bushels of its state Corn reserves at auction Thursday, which was 29.9% of the total available for sale.
South Africa’s government left its 2018 Corn forecasts unchanged from June, estimating a total production of 519.9 million bushels. South Africa’s 2017 harvest was 21% larger; this year’s crop has suffered relatively more drought stress.
The trading volume of Corn contract reached 261,629 on Thursday.
CBOT Soybean futures also closed yesterday’s session in the red at $8.66 a bushel. Meanwhile, it rose on Friday to trade higher at 8.70-1/4 at 8:00 GMT.
The old crop of Soybean sales reached 19.8 million last week while the sales of new crop reached 35.4 million bushels higher than last week by 23.4 million bushels.
Soybean basis bids were steady to slightly lower, dropping 2 to 3 cents across several Midwestern locations Thursday.
The trading volume of Soybean futures reached 254,291 contracts on Thursday.