Agricultural Commodities closed Tuesday’s trading session in the green territory, as Corn, Wheat and Soybean finished the session higher due to technical buying and short covering.
In weather space, the weather is expected to be cooler-than-normal temperature in farther West, while expected to face above-average temperatures in the farther East.
In the Energy news, oil prices rose on today’s trading session due to continuous supply cuts from OPEC in addition to the U.S. sanctions against Venezuela and Iran.
The U.S. WTI crude oil futures ended Tuesday’s session higher at 57.06 USD per barrel and extended their gains to trade higher at 57.22 USD a barrel at 8:10 GMT.
International Brent futures finished Tuesday in the green at 66.80 USD per barrel and rose on today’s session to trade at 66.88 USD a barrel at 8:10 GMT.
CBOT Wheat May futures ended Tuesday’s trading session higher due to a technical rebound. Wheat futures settled yesterday at 4.53-1/4 USD per bushel at the close, while currently trading lower at 4.46-3/4 USD a bushel at 8:10 GMT.
According to SovEcon consultancy, Russia’s Wheat exports are expected to drop to 42 percent below the prior eight-month average to reach 77.2 million bushels in the current month.
Elsewhere, Tunisia has issued an international tender that closes today to buy around 3.4 million bushels of Soft Wheat to be shipped in mid-April.
Furthermore, aiming to purchase 4.3 million bushels of food-quality Wheat, Japan has issued a regular tender that closes on Thursday. The grain is expected to be sourced from the United States, Canada, and Australia.
However, Jordan had no luck in securing 4.4 million bushels of Milling Wheat through an international tender that closed on Tuesday. The country is facing troubles closing any similar deal through the past months.
CBOT Corn May futures ended Tuesday’s session higher at 3.65-3/4 USD per bushel over technical buying and spillover strength from the rising Wheat. Corn futures’ edged lower on today’s session to trade at 3.65 USD per bushel at 8:10 GMT.
In South Korea, the country purchased through an international tender 2.7 million bushels of Corn from optional origins. The grain is expected to arrive in October.
The Russian consultancy SovEcon has expected that the country’s Corn exports will reach 7.9 million bushels in March, reaching the lowest count since last October.
CBOT Soybean May futures ended yesterday higher at 8.96-1/2 USD per bushel, bouncing back from the losses incurred in the past couple sessions. Soybeans futures traded at 8.96-1/4 USD a bushel today at 8:10 GMT.
According to AgRural, the Brazilian consultancy, it is projecting that the country’s Soybean production estimates will be lower to read 4.148 billion bushels for the year of 2018/2019.
Preliminary volume estimates fell by 28 percent below Monday’s session of 129,523 CBOT contracts to read 92,879 CBOT contracts on Tuesday.