Wheat surged on Australia drought

Agriculture Commodities prices surged on Tuesday’s supported by a round of technical buying and robust export report.

In weather forecasts, the Midwest and Plains are expected to see little rain or snow through Saturday, according to the latest 72-hour cumulative precipitation map from NOAA. while The Mid-South and Southeast might witness heavy rains during this time.

In energy space, oil prices were flat on Tuesday’s session and slightly higher in today’s session amid broad optimism as new coronavirus cases fell for the second day in China and concerns rose over supply after a U.S. move to cut more Venezuelan crude from the market.

WTI oil contracts for March ended the session flat to settle at 52.11 and currently trading at 52.42 at 08:00GMT.

Moreover, Brent futures were higher ending the session at 57.68 and currently trading at 58.07 08:00 GMT.

Wheat

CBOT Wheat March futures surged on Tuesday’s session supported by technical Buying and reports showing that crops in Australia are declining with the lowest production expected since 2008 due to the ongoing drought to settle at 5.66 USD per bushel. Prices were lower on today’s session and are currently at 5.64 USD per bushel at 08:00 GMT.

In export news, Wheat export landed at 18.4 million bushels. the tally landed in the middle of trade estimates that ranged between 14.7 million and 22.0 million bushels, the cumulative totals for the 2019/20 marketing year are still 12.5 percent ahead of last year’s pace after reaching 651.5 million bushels.

Preliminary volume estimates came at 284,568 CBOT contracts, significantly higher than Friday’s final count of 143,974.

Corn

CBOT Corn March futures rose on Tuesday’s session supported by a round of technical buying to close at 3.82-3/4 USD per bushel. Corn futures prices traded are currently trading at 3.82 USD at 08:00 GMT.

In export news, Corn export inspections came higher than the [previous week’s final count to reach 31.3 million bushels which were on the higher end of trade estimates, that ranged from 23.6 million to 31.5 million bushels.

Preliminary volume estimates came at 425,649 contracts, slightly lower than Friday’s final count of 444,336.

Soybean

CBOT Soybean March futures prices were lower on Tuesday, Soybean futures ended the session at 8.92-1/4 USD per bushel, and currently trading at 8.93-2/4 USD per bushel.

In exports, Soybean export inspections came at 36.5 million bushels last week, improving by 55 percent from the previous week’s count and in line with trade estimates that ranged between 25.7 million and 45.9 million bushels. Cumulative totals remained at 19 percent ahead of last year’s pace, with 1.039 billion bushels.

Preliminary volume estimates came at 278,307 CBOT contracts slightly ahead of Friday’s final count of 268,987.

 

 

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