Grains higher on USDA's report

Agriculture Commodities prices were higher on Friday’s session as supported by the USDA’s World Agricultural Supply and Demand Estimates report.

In weather forecasts, Damaging winds are expected across a large portion of the southern U.S., with a mix of rain, ice and snow moving through the Plains and Midwest this week. The latest outlooks from NOAA show the probability for colder-than-normal weather for much of the central U.S.

In energy space, oil prices fell on Friday’s session and continued to ease on today’s session after tension between Iran and the U.S eased, oil prices surged 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.

Vice President Mike Pence said to Fox News that the Islamic Republic has asked militias in the Middle East not to carry out attacks against U.S. interests.

WTI oil contracts for February ended the session lower to settle at 59.11 and currently trading at 59.06 at 07:00GMT.

Moreover, Brent futures were also lower ending the session at 65.02 and currently trading at 64.95 07:00 GMT.

 

Wheat

CBOT Wheat March futures rose on Friday’s session supported by USDA’s which showed fewer acres and stocks to settle at 5.63 USD per bushel. Prices were lower on today’s session and are currently at 5.63-1/4 USD per bushel at 07:00 GMT.

Regarding the WASDE report, the agency estimates 2019/2020 U.S. winter wheat acres at 30.804 million acres, 1 percent lower year-over-year and landing at the lowest level in more than a century. however, the agency’s official estimate was a bit higher than the average trade guess of 30.664 million acres.

USDA’s wheat ending stock estimates came at 965 million bushels, versus an average trade guess of 1.000 billion bushels and the agency’s December forecast of 974 million bushels.

Preliminary volume estimates came at 171,240 CBOT contracts, higher than Thursday’s final count of 117,166.

Corn

CBOT Corn March futures rose on Friday’s session supported by a round of technical buying to close at 3.85-2/4 USD per bushel. Corn futures prices traded are currently trading at 3.87-1/4 USD at 07:00 GMT.

regarding the WASDE report from USDA, the agency says the 2019 corn harvest had a total production of 13.692 billion bushels, with average yields of 168.0 bushels per acre. Which is a bit higher than trade estimates of 13.513 billion bushels, based on average yields of 166.2 bushels per acre across 81.350 million harvested acres.

stock estimates came at 1.892 billion bushels, which was moderately higher than trade estimates of 1.757 billion bushels but lower than the agency’s December projection of 1.910 billion bushels.

Preliminary volume estimates came at 398,924 contracts, higher than Thursday’s final count of 209,220.

Soybean

CBOT Soybean March futures prices were flat on Friday, Soybean futures ended the session at 9.45-3/4 USD per bushel, and currently trading at 9.45-1/2 USD per bushel.

Regarding the WASDE report, the agency's latest data for the 2019 soybean crop included average yields of 47.4 bushel per acre across 75.0 million harvested acres, for a total production of 3.558 billion bushels. Those numbers were higher than trade estimates, which averaged 3.512 billion bushels. USDA’s prior tally was for 3.550 billion bushels, based on yields of 46.9 bushel per acre across 75.626 million acres. 

Preliminary volume estimates came at 174,301 CBOT contracts, nearly identical to Thursday’s final count of 171,001.

 

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