COBT grains’ futures ended Tuesday’s session in green notes with the exception of soybean futures, corn futures prices were supported by the latest USDA’s report issued late Monday showing that corn harvest in the U.S is far behind the five-year average, furthermore technical buying boosted both wheat and corn prices.
Regarding weather news, rainfalls are expected this Thursday in Illinois, Indiana, and Ohio, however Friday is likely to be dry this week.
Oil futures contracts rose on Wednesday’s session, after the largest oil exporter Saudi Arabia said that is going to end the ample supply in the oil market. Moreover, the forecasts of a further drop in the U.S stockpiles and the tension in northern Iraq boosted prices even further.
The forecast for U.S oil inventories shows a drop of 2.5 million barrels in the latest supply reports. In Iraq, oil pumping rose to 300,000 barrels a day yesterday but remain below the normal figure of 600,000 barrels a day.
West Texas Intermediate December futures contracts were trading at 52.36 US Dollars a barrel at 7:00 GMT. While Brent December futures contract edged lower to settle at 58.36 US Dollars a barrel at 7:00 GMT.
CBOT Wheat December futures contract rose on Tuesday's session supported by technical buying and short covering, December wheat future was trading at 4.38-3/4 US dollars a bushel.
Wheat December futures contract rose on today’s trading session to trade at 4.36-1/4 US Dollar a bushel at 7:00 GMT.
Regarding wheat planting, the plantation of wheat is 75 percent complete showing a solid progress from last week which was only at 60 percent. However, this figure remained behind the five years average by 5 percent.
In Australia the fourth largest wheat exporter, wheat yield expectations have fell by 36 percent to 25.5 bushels per acre, and the total production is expected to drop by 40 percent lower than 2016/2017’s record output.
CBOT Corn December futures contracts rose in yesterday’s session after rebounding from losses at the beginning of the session
Corn December futures contract ended Tuesday’s session at 3.51-3/4 US Dollars a bushel at the close.
On today’s trading session, Corn December futures contract were trading at 3.53-1/4 US Dollars a bushel at 8:00 GMT.
Regarding crop condition, corn crop rated good to excellent rose another 1 percent to 66 percent, the good rated corn crop stayed at 50 percent while the excellent crop rose to 16 percent.
CBOT Soybean January futures fell on Tuesday’s session, pressured by the harvest progress which added to the already oversupplied market, soybean ended the session at 983.75 dollars a bushel. Soybean rebounded in today’s session to trade at 9.92 a bushel at 8:00 GMT.
USDA’s estimation for soybean harvest came at 70 percent slightly below the five-year average of 73 percent but ahead of trade analysts estimates which ranged between 60 percent and 67percent.
© 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.