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.
Wheat
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.
Corn
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.
Soybean
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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