Agricultural Commodities closed Thursday’s session in mixed territories as traders are waiting for the World Agricultural Supply and Demand Estimates (WASDE) report from USDA. Soybeans ended the session higher, while Wheat and Corn ended the session lower.
In the economic news, U.S. President Donald Trump said that negotiations to resolve the trade war with China were making progress, expressing fresh optimism about resolving the conflict between the world's largest economies.
Moreover, Sam Brownback, the U.S. Ambassador at Large for International Religious Freedom has accused the Chinese Communist Party of being "at war with faith," and warned that its policies risk stoking extremism. In other news, Wang Yi, the foreign minister of China said that Beijing would take all necessary measures to defend the interests and rights of the Chinese companies such as Huawei, which is locked in a growing legal dispute with the US.
In weather space, evident by the latest U.S. Drought Monitor updates, drought’s footprint in the U.S. continues to decline after finishing the wettest winter from a very long time. Drought now covers just 26.4 percent of the U.S., down slightly from 26.7 percent the week prior and reaching the lowest levels since July 2017.
In the Energy Space, Oil prices fell on Friday amid growing investor worries over the global economy, after the European Central Bank (ECB) warned overnight of continued weakness and as fresh data showed Chinese exports and imports slumped last month.
International Brent futures were at $65.48 per barrel at 07:00 GMT, up 21 cents, or 0.31 percent from their last close.
U.S. WTI crude oil futures were at $56.06 per barrel at 07:00 GMT, up 0.28 percent or 16 cents from their last settlement.
CBOT Wheat May futures ended Thursday’s session lower, to settle at $4.38-1/2 bushel on a round of technical selling as traders adjusted their positions ahead of tomorrow’s World Agricultural Supply and Demand Estimates report. Furthermore, prices went slightly up on today’s session and are currently trading at 4.39-3/4 per bushel at 07:00 GMT.
In Russia, according to reports from the customs service, wheat exports totaled 88.2 million bushels in January, which is 2.5 percent lower than last year.
However, due to overall higher prices, the value of Wheat was 19 percent higher than the country’s January 2018 wheat exports.
Preliminary volume estimates were at 91,120 CBOT contracts, 8 percent lower than Wednesday’s final count of 99,039.
CBOT Corn May futures ended Thursday’s session lower pressured by some technical selling and on reports that ethanol stocks have reached their highest levels in about a year to close at $3.65 per bushel. Corn futures traded at $3.66 today at 07:00 GMT.
About 38.2 million corn bushels of old crop and another 11.1 million bushels of new crop were sold this week, a total of 49.2 million bushels. That slightly bested the last week’s total of 48.8 million bushels and trade estimates of 43.3 million bushels. Corn export shipments reached 29.3 million bushels.
In other news, South Korea bought nearly 8.1 million bushels of corn in an international tender that closed earlier today. The grain is for arrival in August and September.
Preliminary volume estimates were at 279,234 contracts, higher than Wednesday’s final count of 248,019.
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