Commodity Market Report, 7th of May 2020

Agricultural Commodities prices fell on Wednesday, as weak demand pushed grains prices lower.

In weather news, according to NOAA’s latest 8 to 14 days outlook, 30-degree temperatures expected across portions of Illinois, Indiana, Ohio, and Michigan, stretching as far south as Kentucky. Soft red winter wheat and corn are among the more vulnerable crops at risk. Seasonally cool weather is possible into next week.

In energy space, Oil prices dropped on Wednesday, smashing a five-session winning streak due to oversupply concerns that outweighed optimism over economies reopening.

WTI futures closed Wednesday’s session at 24.07 USD per barrel and is currently trading at 26.6 USD at 9:00 GMT.

International Brent futures closed Wednesday’s session at 29.84 USD per barrel and currently trading at 31.73 USD at 9:00 GMT.

 

Wheat

CBOT Wheat July futures prices fell to $5.17 on Wednesday’s session, on a round of technical selling. 

Ahead of Thursday morning’s weekly export report from USDA, analysts offered a wide range of estimations that ranged between 5.5 million and 23.9 million bushels for the week ending April 30. The prior week’s record was for 22.9 million bushels.

Preliminary volume estimates were for 64,367 CBOT contracts, falling below Tuesday’s final count of 80,565.

 

Corn

CBOT Corn July futures prices dropped to $3.14 on Wednesday’s session, as traders attempted to balance demand concerns with possible frost in the U.S this weekend.

Ahead of Thursday morning’s weekly export report from USDA, analysts expect the agency to show corn total sales between 27.6 million and 59.1 million bushels for the week ending April 30. Actuals will need to come in higher than that to best the prior week’s tally of 66.8 million bushels.

Preliminary volume estimates were for 195,481 contracts, slightly above Tuesday’s final count of 185,057.

 

Soybean

CBOT Soybean July futures prices dropped to $8.32 on Wednesday’s after persistent demand concerns that sparked another round of technical selling.

Ahead of Thursday morning’s weekly export report from USDA, analysts expect the agency to show soybean sales ranging between 25.7 million and 51.4 million bushels for the week ending April 30. Actuals will need to reach on the high end of that range to improve over the prior week’s tally of 43.5 million bushels.

Preliminary volume estimates were for 143,596 contracts, trending moderately above Tuesday’s final count of 109,319.

 

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