The lack of competitiveness of the US futures accompanied by the ample supply kept the pressure on the US-based Wheat and Corn futures and drove them to expand their losses for the fourth straight trading session.
Furthermore, the Soybean futures lost grounds despite gapping higher on yesterday’s open affected by the favorable rain forecast as well as the easing concerns of the dry weather in South America in time where farmers are planting their next crop.
Crude Oil futures remained firm over Russia and Saudi Arabia’s support for expanding the cuts of their crude Oil productions. However, trader’s profit taking and the increase of Iraq’s Oil exports from its southern ports weighed on the futures thus keeping their gains in check.
West Texas Intermediate December futures contract ended marginally lower at 54.10 US Dollars a barrel and Brent December futures contract rose marginally higher to end at 60.86 US Dollars a barrel.
CBOT Wheat December futures contract expanded its losses for the fourth straight trading session to settler lower at 4.24 US Dollar a bushel, Wheat December futures contract was trading at 4.24-1/2 US Dollars a bushel at 09:30 AM GMT.
Despite the expectations of a reduction in the planting of US Soft Red Winter Wheat this season, the commodity remained under pressure due to the low demand for the US futures as well as ample supply.
Moreover, polls indicated that the coming US Department of Agriculture weekly crop progress report might show that the winter wheat crop is now 85 percent planted, up from 75 percent a week ago and in line with last year’s pace of 86 percent.
CBOT Corn December futures contract settled lower in line with Friday’s close at 3.48-1/2 US Dollars a bushel to fall for the fourth consecutive trading session, Corn December futures contract was trading at 3.48-1/4 US Dollars a bushel at 09:30 AM GMT.
Corn futures traded mostly unchanged due to the plentiful supply and dragged by the falling Wheat futures ahead of today’s US Department of Agriculture weekly progress report.
Today’s progress report is expected to show that the harvest is 52 percent done up from last week’s 38 percent, while last year at this time Corn harvest was already 75 percent complete.
CBOT Soybean January futures contract settled slightly lower in the red at 9.84-1/4 US Dollars a bushel after gapping higher on yesterday’s open, Soybean January futures contract was trading at 9.85-3/4 US Dollars a bushel at 09:30 AM GMT.
After gapping higher on yesterday’s open, the Soybean futures fell short to settler lower over the favorable rain forecast as well as trader’s technical selling activity.
The favorable rain is expected to persist over the next ten days, boosting the crop’s growth prospects.
Moreover, the Soybean futures also were pressured by the easing concerns of the dry weather in South America in time where farmers are planting their next crop.
At today’s weekly progress report, the Soybean crops are expected to be 83 percent done above last week’s 70 percent but behind the 87 percent from last year.
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