Agricultural Commodities prices surged on Thursday, as traders reacted well to some positive export and trade news.
In weather space, according to NOAA’s winter outlook, warmer-than-normal winter weather throughout the southern two-thirds of the country are expected, with wetter-than-average weather probable through parts of the Northern Plains, upper Midwest and Great Lakes regions.
CBOT Wheat March futures surged on Thursday on a round of technical selling and finished at 5.3025 USD per bushel. Prices were higher on today’s session and are currently at 5.34 USD per bushel at 08:00 GMT.
Wheat export sales soared from 8.4 million bushels to 18.5 million bushels this past week, which was a 33 percent improvement from the prior four-week average. It also surpassed all analyst estimates, with guesses ranging between 7.3 million and 16.5 million. Japan was the No. 1 destination, with 3.7 million.
Preliminary volume estimates were 98,200 CBOT contracts, above Wednesday’s final count of 70,108.
CBOT Corn March futures fell on Thursday, on a round technical selling as traders are squaring positions ahead of tomorrow WASDE report to settle at 3.7750 USD per bushel. Corn futures prices rose today and traded at 3.8350 USD at 08:00 GMT.
Corn export sales reached 34.4 million bushels last week, trending 60 percent higher than a week ago and 28 percent above the prior four-week average. That total also surpassed all analyst speculations, which ranged between 15.7 million and 31.5 million bushels.
Preliminary volume estimates were at 243,259 contracts, higher than Wednesday’s final count of 198,764.
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