Agricultural Commodities prices were in the almost down on Friday, Corn and Wheat prices declined, as lackluster export totals this past week set off another round of technical selling. However, Soybeans prices gained power on some trade optimism and another healthy round of export data.
In weather news, normal to slightly above-normal daytime highs will finally flow to the Midwest and Plains this weekend and early next week. This coming week, parts of the Corn Belt could see upwards of 1 of additional rainfall through November 22, particularly in parts of Missouri, Iowa and Illinois, per the latest seven-day cumulative precipitation map from NOAA.
CBOT Wheat December futures dropped on Friday’s session after a round of technical selling and closed at 5.02-1/4 USD per bushel. Prices were almost matching on today’s session and are currently at 5.02-1/2 USD per bushel at 06:00 GMT.
In Ukraine, exports are up 42% so far this marketing year, supported by significant gains in wheat exports, which have reached 463 million bushels since July, according to the country’s agriculture ministry. Ukrainian corn exports are at 228 million bushels over the same period.
Preliminary volume estimates were for 108,421 CBOT contracts, sliding slightly below Thursday’s final count of 117,396.
CBOT Corn December futures dropped on Friday, on some technical selling prompted by another round of export data from USDA this morning. Corn futures prices closed lower on Friday at 3.71 USD, and currently trading at 3.7125 at 06:00 GMT.
Preliminary volume estimates were for 268,809 contracts, down from Thursday’s final count of 283,030.
CBOT Soybean November futures prices rose on Friday due to some technical buying and powered by positive exports data the past week, also some optimistic comments regarding trade talks from the White House. Soybean futures finished the session at 9.18 USD per bushel and trading now at 9.21 at 6:00 GMT.
In U.S. News, White House economic adviser Larry Kudlow indicated earlier that “we’re getting close” to finalizing a U.S.-China partial trade agreement but did not offer additional details on a date or venue of when that agreement might be signed. The two countries have remained in close contact via phone discussions in recent days, Kudlow said.
Preliminary volume estimates were for 118,670 contracts, down from Thursday’s final count of 140,425.
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