Wheat, Corn and Soybean futures ended Friday’s session in positive territory, Wheat Futures advanced on Friday, bolstered by fears that the recent drought in the United states could result in poor wheat yields. However, the rise was limited by ample global supplies. Wheat Futures fell 2.5% for the week.
Soybean futures and Corn futures also rose on Friday as concerns that dry weather prospects in the United States Midwest farming areas are growing. Furthermore, Soybean Futures fell 0.5% for the week. Meanwhile, Corn futures fell 0.9% percent for the week.
Regarding weather forecasts, expected dry conditions the next few days for much of the Midwest after recent storms. The latest 6- to 10-day (August 2-6) outlook is mild and dry for most of the Midwest, while the 8- to 14-day (Aug 3-9) outlook favors seasonal temperatures for the Midwest with dry conditions for Iowa and Minnesota and wet for Indiana and Ohio.
Exports – USDA, Reuters:
• Iraq tenders to buy 50,000 metric tons of wheat from the U.S., Canada or Australia. The tender closes on July 31, with offers remaining valid until August 6.
Oil futures expanded gains on Monday to hit their two-month highs; Oil found unexpected support drop in production in the US crude market and the possible sanction against Venezuela an oil producing nation and OPEC-member.
West Texas Intermediate September future contract gained to settle higher at 49.78 US Dollars a barrel, and Brent September future contract ended higher at 52.46 US Dollars a barrel.
CBOT Wheat September future contract marginally rose to settle 4.80 US Dollars a bushel to remain under 50-day’s moving average resistance level.
Wheat futures edged higher on Friday; Wheat prices failed to gain momentum as apply global supply and the strong 50-day moving average resistance line.
Meanwhile, dry weather prospects in central and northwest North Dakota helped lift Wheat future prices, and the impact of the recent drought has significantly affected yield compared to a year ago.
Thursday’s actual volume was 84,627. Open interest in Thursday’s higher SRW market decreased by 2,787 to September’s down 2,583 and December’s down 101. KC HRW wheat’s actual volume on Thursday dropped by about 7,400 to 33,124 with open interest up 3,051.
Wheat futures settled lower by 2.5% for the week ending Friday.
CBOT Corn September future contract settled unchanged on Friday’s session at 3.74-1/4 US Dollars.
Corn futures were unchanged at the close on Friday, concerns over dry weather failed to lift the crop as ample world supplies weighed on Corn future prices.
USDA lowered Corn crop rating by 2 points to 62% good/excellent thus weighed in prices.
Thursday’s actual volume was 243,067 Open interest in Thursday’s firm market decreased by 3,187 to September’s down 4,909 and December’s up 1,814.
Corn futures settled lower by 0.9% for the week ending Friday.
CBOT Soybean August future contract ended higher in the green at 9.95 US Dollars a bushel but to remain below its 14-day’s moving average as well below the session’s high.
Soybean found support from large buying activity by funds as of late, and the bargain buying lifted soybean prices higher despite a drop in weekly export sales that were in line with expectations.
Thursday’s actual volume was 192,974. Thursday’s open interest in the higher market decreased by 4,715 with August’s down 13,936 and November’s up 5,337.
Soybean futures settled lower by 0.5% for the week ending Friday.
© Copyright 2017
The information contained in this publication is not intended as an offer or solicitation for the purchase or sale of any financial instrument. Any opinion offered herein reflects Gotinsiders.com current judgment and may change without notice. Users acknowledge and agree to the fact that, by its very nature, any investment in shares, stock options and similar and assimilated products is characterized by a certain degree of uncertainty and that, consequently, any investment of this nature involves risks for which the user is solely responsible and liable.