Agricultural Commodities closed Friday’s session in mixed territories, where Wheat edged up, Corn finished flat, and Soybean took the biggest hit on Friday after WASDE report was revealed from the United States Department of Agriculture.
In weather space, warmer weather is expected to arrive through the central U.S., with some slightly above-normal temperatures are expected to occur in the upcoming days.
In the Energy news, oil prices rose on today’s session after the Saudi oil minister, Khalid Al-Falih, commented that an end to OPEC-led supply cuts was unlikely before June, in addition to a report showing a fall in the United States’ drilling activity.
U.S. WTI crude oil futures ended Friday’s session down at 56.02 USD per barrel, while currently trading higher at 56.52 USD a barrel at 8:50 GMT.
International Brent futures were at finished Friday in the red at 65.66 USD per barrel, but rose on today’s session to trade at 66.30 USD a barrel at 10:00 GMT.
CBOT Wheat May futures ended Friday’s session higher, to settle at $4.39-1/2 bushel round a technical strong technical level after taking steep losses this week. Furthermore, prices went slightly down on today’s session and are currently trading at 4.39 per bushel at 10:00 GMT.
In export, according to reports from WASDE, Wheat exports fell by 35 million bushels below February estimates to reach 965 million bushels.
The Philippines purchased 1.6 million bushels of Wheat, likely sourced from Australia, in a deal that closed on Friday.
Preliminary volume estimates were at 91,547 CBOT contracts, lower than Thursday’s final count of 143,114.
Pivot Point: 439.583
CBOT Corn May futures ended Friday’s session slightly higher at $3.64-3/4 per bushel supported by WASDE report. Soybeans futures traded at $3.65-1/2 per bushel today at 10:00 GMT.
WASDE announced from USDA had some bearish data on Corn, including small and large exports. Exports dropped by 75 million bushels from prior projections to reach 2.375 billion, while ending stocks moved 100 million bushels higher to 1.836 billion bushels. Moreover, USDA also lowered its season-average price assessment by five cents for a new midpoint of 3.55 USD per bushel.
Preliminary volume estimates were at 256,475 contracts, lower than Thursday’s final count of 478,514.
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