COBT grains’ futures traded lower for the second consecutive sessions amid investor evaluating the bearish, bullish dynamics. As key data releases for the crop came in mixed, with USDA’s export sales report showing better than predicted results, while The International Grains Council revising its world grain production estimates up by 196.8 million bushels, mainly because the council is anticipating higher U.S. yields.
Regarding weather news, Daytime highs will touch the mid-70s in Missouri, and southern Illinois, meanwhile colder weather is expected in the Midwest and Plains.
Oil futures contracts recorded new highs on Thursday amid comments from Saudi Arabia that the Oil exporting nation was determined to put an to the end excess global supply that has been adding pressure on price for the past three years.
West Texas Intermediate December futures contracts surged by 1.21 percent on Thursday were trading at 52.36 US Dollars per barrel at the close. Meanwhile, Brent December futures contract jumped by 1.85 percent to settle at 59.50 US Dollars at the close.
CBOT Wheat December futures contract declined on Thursday on profit-taking; December wheat futures fell by 0.86 percent was trading at 4.31-1/4 US dollars a bushel.
USDA’s export sales report showed that export sales came in reasonably close to what Analyst estimated, with Analysts expecting 14.7 million bushels and actual total sales of 14.4 million bushels.
In term of export news, Saudi Arabia issued tender for the purchase of 17.4 million bushels of hard wheat, with a deadline for the Friday 27th of October.
Thursday’s Initial volume estimates were for 72,113 CBOT contracts, down moderately from Wednesday’s total of 96,200 contracts.
CBOT Corn December futures contracts declined for second consecutive session on Thursday.
Corn December futures contract ended Thursday’s lower by 0.07 percent to trade at 3.50-1/4 US dollars a bushel at the close.
In USDA’s export report, Corn export sales totaled 54.5 million bushels, compared to estimates of 39.4 million bushels.
On the other hand, the international Grains council revised up estimates by 196.8 million bushels, due to the IGC expecting higher U.S yields. With Total global production coming in at 40.6362 billion bushels.
Initial volume estimates for Thursday were for 203,827 contracts, down significantly from Wednesday’s total of 307,633 contracts.
CBOT Soybean January traded dropped by 0.46 percent on Thursday to trade at 981 U.S dollar a bushel; prices continued to fall amid ample global supply.
Soybean export sale jumped to 78.3 million bushels according to USDA, beating last week figure of 64.2 million bushels and analyst estimates of 51.5 million bushels.
Ahead of USDA exports report on Thursday, analysts compute that Soybean exports for the week ending on the 19th of October would be between 44.0 million and 58.8 million bushels, thus putting exports in line or ahead of last week’s figure of exports that totaled 46.9 million bushels.
In export news, South Korea announced that it had procured nearly 2.2 million bushels of soybean from South America scheduled for arrival around March 30th, 2018.
Initial volume estimates for Thursday were at 226,436 contracts, up moderately from Wednesday’s total of 290,080 contracts.
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