Wheat and Corn futures expanded their losses for the fifth trading session pressured by yesterday’s high volume heavy technical based trading session. Meanwhile, Soybean futures managed to witness some minor gains to settle higher in the green despite the light trading and the harvest pace.
The high level of compliance by OPEC and non-OPEC members in addition to Russia and Saudi Arabia’s support for expanding the cuts of their crude Oil productions led the Oil futures to expand their gains further, hence improving the market’s optimism that could lead to more gains in the short term.
West Texas Intermediate December futures contract ended higher at 54.62 US Dollars a barrel and Brent January futures contract rose to settle higher in the green at 60.79 US Dollars a barrel.
CBOT Wheat December futures contract plummeted to settle well below the session’s open at 4.18-1/4 US Dollars a bushel, Wheat December futures contract was trading at 4.16-1/2 US Dollars a bushel at 10:42 AM GMT.
During yesterday’s trading session, which was a heavily technical based, Wheat futures fell sharply to settle at the contact’s fresh lows witnessing the fifth straight decline pressured by trader’s technical selling activity.
Moreover, the technical selling activity came in with a relatively large volume that strengthened yesterday’s downwards pressure, where yesterday’s trading initial volume was at 168,149 contracts compared with Monday’s 93,380.
Meanwhile, these losses came despite the poor crop’s conditions that were at 52 percent good to excellent but it capped the decline.
CBOT Corn December futures contract ended lower in the red at 3.45-1/2 US Dollars a bushel, Corn December futures contract was trading at 3.46 US Dollars a bushel at 10:42 AM GMT.
Corn futures extended their losses affected by the Wheat’s sharp declines to witness its fifth consecutive decline, which is the same scenario that the commodity is caught by for the past few trading sessions.
Moreover, the expectations that the Corn crops’ conditions would improve weighed on the commodity further.
CBOT Soybean January futures contract ended yesterday’s trading session mostly unchanged in the green at 9.84-1/2 US Dollars a bushel, Soybean January futures contract was trading at 9.86-1/2 US Dollars a bushel at 10:42 AM GMT.
Soybean futures managed to achieve some gains during yesterday’s red-colored trading session to rally from its slight downwards gap from yesterday’s open.
Moreover, the light trade as well as the harvest pace kept the gains in check, where 83 percent of the soybean crop’s has been harvested in line with the market’s expectations.
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