Grains Mixed, OIl eased

Agriculture Commodities prices were mixed on Monday’s session with Soybean and wheat falling pressured by technical selling while corn rose on a round of technical buying.

In weather forecasts, A winter storm is expected to bring a round of snow, ice, and rain across the Midwest and Plains later this week.

 the latest forecast from NOAA, shows colder than normal weather probable for the central U.S. next week, with drier-than-normal conditions.

In energy space, oil prices fell on Monday’s session and continued to ease in today’s session after Iranian protest broke into the streets following the accidental shooting down of a Ukrainian airline flight killing all its 147 passengers.

the tension between Iran and the U.S eased after 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 58.07 and currently trading at 58.01 at 07:00GMT.

Moreover, Brent futures were also lower ending the session at 64.52 and currently trading at 64.18 07:00 GMT.

 

Wheat

CBOT Wheat March futures fell on Monday’s session pressured by technical selling and profit-taking to settle at 5.61-3/4 USD per bushel. Prices were lower on today’s session and are currently at 5.60 USD per bushel at 07:00 GMT.

In exports news, Wheat export inspections came higher than analyst expectations, totaling 17.4 million bushels higher than the average trade guess of 14.5 million bushels and moving above the prior week’s tally.

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.

Preliminary volume estimates came at 99,900 CBOT contracts, significantly lower than Friday’s final count of 171,240.

Corn

CBOT Corn March futures rose on Monday’s session supported by a round of technical buying to close at 3.89-1/4 USD per bushel. Corn futures prices traded are currently trading at 3.88-1/4 USD at 07:00 GMT.

In exports news, Corn export inspections came lower than expectations reaching 18.1 million bushels last week. Which came on the low end of trade estimates, which ranged between 17.7 million and 25.6 million bushels.

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.

Preliminary volume estimates came at 230,633 contracts, lower than Friday’s final count of 398,924.

Soybean

CBOT Soybean March futures prices were lower on Monday, Soybean futures ended the session at 9.41-2/4 USD per bushel, and currently trading at 9.39-1/4 USD per bushel.

Soybean export inspections came at 41.8 million bushels That were slightly higher than the average trade estimates of 29.4 million bushels and ahead of the prior week’s tally of 38.2 million bushels.

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 121,473 CBOT contracts below Friday’s final count of 174,301.

 

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