Grains’ futures ended Monday’s session in green territory, as dry conditions in the midwest lowered the expected quality of crops which boosted grains prices.
In terms of weather news, National Oceanic and Atmospheric Administration expect modest amounts of rainfall reaching the eastern Corn Belt between now and Saturday, with only trace amounts likely during that time further west, temperatures will most likely remain cooler than average for the rest of the week.
In oil space, oil prices fell on Tuesday’s session after Reuters survey showed that OPEC output rose in July to its highest for 2018.
U.S. Crude Oil rose on Monday to close at $70.06 a barrel also Brent Rose to trade at $74.85 a barrel. On today’s session, WTI fell to trade at 69.67 USD per barrel while Brent traded at 75.18 USD per barrel at 8:00GMT.
CBOT Wheat September prices fell on Monday to end the higher at $5.46-a bushel, while it rose on Monday to trade at $5.43 a bushel at 8:00 GMT.
In exports news, Wheat export inspections reached 13.9 million bushels in the previous week, which came slightly below analyst expectations of 14.6 million bushels, as well as the prior week ’s figure of 15.8 million bushels.
Regarding, USDA Crop Progress report, analysts are expecting the agency to lower its assessment of the 2018 U.S. spring wheat crop from 79 percent to 77 percent rated in good-to-excellent condition
Harvest progress is expected to reach 87 percent complete for the winter wheat crop and 7 percent for the spring wheat crop.
FranceAgriMer kept its estimations of France’s soft Wheat crop unchanged from a week ago, at 71 percent rated good-to-excellent. The consultancy also estimates that 88 percent of the crop has been harvested as of July 22, which is 64 percent higher than the week prior – putting the media harvest date ten days ahead of the five-year average.
Preliminary volume estimates were for 172,728 CBOT contracts, falling moderately beneath Thursday’s final count of 231,907.
CBOT Corn September contract rose on Monday to end the session higher at $3.67 a bushel, while on today’s session it rose to trade higher at $3.68 a bushel at 8:00 GMT.
In exports, Corn export inspections came at 65.3 million bushels last week, which accounted for a 25 percent increase versus the prior week and higher than trade estimates of 51.7 million bushels.
Dry conditions which hit parts of the Midwest have analysts expecting the next USDA Crop Progress report to show a 71 percent of the 2018 U.S. corn crop in good-to-excellent condition, down from 72 percent the prior week.
CBOT Soybean futures also ended Monday’s session higher at $8.81-1/4 a bushel. Meanwhile, it rose on Tuesday to trade higher at 8.83-2/4 at 8:00 GMT.
In terms of exports, Soybean inspections reached 27.2 million bushels last week, slightly higher than the prior week’s total of 26.8 million bushels and trade estimates of 26.5 million bushels.
Regarding USDA Crop Progress report, analysts expect the agency to lower its assessment of the 2018 U.S. soybean crop from 70 rated good-to-excellent the prior week down to 69 percent.
Preliminary volume estimates were for 213,820 contracts, up moderately from Friday’s final count of 148,991.