Agricultural Commodities prices mixed over worries from the outbreak coronavirus

Agricultural Commodities prices were mixed on Friday, as the coronavirus continues to fuel contagion worries.

In weather news, according to the latest 72-hour cumulative precipitation map from NOAA, The Corn Belt has a moderately dry week ahead, shows warmer weather likely from May 6 to 12, with drier conditions continuing to play out in the Plains.

In the Energy Space, Oil prices were headed lower for a sixth session as the death toll from coronavirus in China rose.

U.S. (WTI) futures were at 45.32 USD per barrel and currently trading at 45.35 USD at 11:00 GMT.

International Brent futures were at 50.8 USD per barrel and currently trading at 50.46 USD at 11:00 GMT.

 

Wheat

CBOT Wheat May futures were under pressure on Friday but were able to cut the losses and finishing at 525.00.

French consultancy FranceAgriMer lowered its assessment of the country’s soft wheat crop, moving from 65 percent in good-to-excellent condition down to 64 percent that remains significantly below last year’s pace of 85 percent.

Preliminary volume estimates came at 134.974 CBOT contracts, below Thursday’s final count of 140.550 contracts.

 

Corn

CBOT Corn May futures rose on Friday’s session on a round of technical buying and settled at 3.6850 USD per bushel.

According to the latest grains related survey, U.S. farmers could plant as much as 96.6 million acres of corn. If realized, that total moved 7.7 percent ahead of last year and would become the second-largest corn planting on record.

Corn basis bids held steady across most Midwestern locations Friday, with farmer sales remaining relatively slow this week as they await a stop to falling futures prices.

Preliminary volume estimates were for 329,709 contracts, falling substantially lower than Thursday’s final count of 612,629.

 

Soybean

CBOT Soybean May futures prices fell on Friday’s pressured by spillover weakness in financial and energy markets and finished the session at $8.94.

Private exporters reported to USDA the sale of 135,000 metric tons of soymeal to the Philippines for delivery during the 2019/20 marketing year, which began October 1.

Ahead of USDA’s next soybean crush report, out Monday afternoon, analysts expect the agency to report January’s soybean crush total at 187.3 million bushels, which would be the largest monthly tally on record if realized, breaking December’s mark of 184.7 million bushels.

Preliminary volume estimates were for 257,419 contracts, falling moderately below Thursday’s final count of 339,292.

 

 

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