Oil surged after Iran retaliation

Agriculture Commodities prices were mixed on Tuesday’s session as traders are waiting for the next World Agricultural Supply and Demand Estimates by USDA which is due on Friday.

In weather forecasts, the first winter storm of 2020 is expected to land on the central U.S. later this week, with rain that could turn to snow in some areas.

In energy space, oil prices were slightly lower on Tuesday’s session but surged on today’s session after Iran retaliated to the killing of its high ranker general Sulimani the tension escalated between Iran and the U.S after Iran launched a number of ballistic missiles targeting U.S forces located in Iraq.

Oil shed its gains after worries over the Iranian strike faded analysts said market tension could ease as long as the oil production facilities remain unaffected by attacks. a Tweets by U.S. President Donald Trump and Iran's foreign minister also appeared to signal a period of calm - for the meantime.

WTI oil contracts for February ended the session lower to settle at 62.81 and currently trading at 62.75 at 08:00GMT.

Moreover, Brent futures were also lower ending the session at 68.28 and currently trading at 68.48 08:00 GMT.

 

Wheat

CBOT Wheat March futures rose on Tuesday’s session supported by technical maneuvering to settle at 5.50-1/4 USD per bushel. Prices were lower on today’s session and are currently at 5.49-1/4 USD per bushel at 08:00 GMT.

Regarding the WASDE report, the agency will provide its first winter wheat acreage estimates for 2020 on Friday. Analysts expect the agency to show a total footprint of 30.664 million acres, versus 31.159 million acres a year ago. Which is the lowest annual winter wheat acreage since 1909.

In exports news, Wheat export inspections improved from last week reaching 12.7 million bushels. That tally came below analyst estimates, with the average trade guess at 14.7 million bushels

Preliminary volume estimates came at 68,681 CBOT contracts, sliding 14 percent below Monday’s final count of 79,947.

Corn

CBOT Corn March futures fell on Tuesday’s session pressure by a round of technical selling to close at 3.84-2/4 USD per bushel. Corn futures prices traded are currently trading at 3.83-1/4 USD at 08:00 GMT.

regarding the WASDE report from USDA, analysts expect the agency to show 2019/20 corn production at 13.513 billion bushels, slightly lower than November estimates of 13.661 billion bushels and below 2018’s tally of 14.420 billion bushels.

Corn export inspections were 35 percent higher than last week‘s figure reaching 21.7 million bushels. That total was also higher than trade estimates of 19.7 million bushels.
Preliminary volume estimates came at 136,344 contracts, below Monday’s final count of 141,858.

Soybean

CBOT Soybean March futures prices were flat on Tuesday, Soybean futures ended the session at 9.44 USD per bushel, and currently trading at 9.43-1/2 USD per bushel.

Regarding the WASDE report, analysts expect the agency to show 2019/20 soybean production at 3.512 billion bushels, which is moderately behind 2018’s total of 4.428 billion bushels. Analysts estimated average yields at 46.6 bushels per acre across 75.462 million harvested acres.

 

Preliminary volume estimates came at 127,215 CBOT contracts, falling below Monday’s final count of 143,361.

 

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