Agriculture Commodities prices fell on Friday’s session pressured by concerns over world demand as a positive exports data failed to lift the market.
In U.S weather forecasts, the latest precipitation map from NOAA showed another round of rain and snow entering the Corn Belt. The agency outlook mixed between February 28 and March 5, with some wetter conditions possible in the central Plains, while the Upper Midwest and eastern Corn Belt should remain relatively dry during this time.
In energy space, oil prices fell on Today’s session as the spread of a coronavirus in several countries outside China left investors worried about a hit to demand.
WTI oil contracts for April ended Friday’s session lower to settle at 53.44 and currently trading at 51.84 at 07:00GMT.
Moreover, Brent futures were lower ending the session at 58.45 and currently trading at 56.58 07:00 GMT.
CBOT Wheat March futures fell on Friday’s session pressures by technical selling and A mediocre round of export sales data from USDA to settle at 5.51-1/2 USD per bushel. Prices were lower on today’s session and are currently at 5.43-1/2 USD per bushel at 07:00 GMT.
In export news, Wheat export sales fell from last week, dropping 40 percent below the prior four-week average totaling 14.9 million bushels landing in the lower band of guesses that ranged between 14.7 million and 25.7 million bushels.
Preliminary volume estimates came at 206,939 CBOT contracts, moving above Thursday’s tally of 143,117.
CBOT Corn March futures fell on Friday’s session pressured USDA’s forecasts for sharply higher ending stocks for 2020/21 to close at 3.76-3/4 USD per bushel. Corn futures prices traded are currently trading at 3.74-1/2 USD at 07:00 GMT.
In export news, Corn export sales rose from 38.1 million bushels the prior week up to 49.2 million bushels, the tally was 12 percent higher than the prior four-week average and above all trade estimates, which ranged between 27.6 million and 47.2 million bushels.
USDA expected corn production this coming marketing year to reach 15.460 billion bushels on average yields of 178.5 bushels per acre this year, nearly 13 percent higher than last year’s crop.
Preliminary volume estimates came at 393,602 contracts, up from Thursday’s final count of 365,576.
CBOT Soybean March futures prices were lower on Friday, Soybean futures ended the session at 8.90-1/4 USD per bushel, and currently trading at 8.83-1/4USD per bushel.
In exports, Soybean exports fell to 18.3 million bushels 23 percent below the prior week’s final count which came at 23.7 million bushels and 22 percent below the prior four-week average. Total volume also fell below estimates, which ranged between 22.0 million and 44.1 million bushels.
Preliminary volume estimates came at 309,773 CBOT contracts ahead of Thursday’s tally of 217,336.
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