Agricultural Commodities prices were in red territories on Monday, as fresh concerns appeared over U.S.-China trade negotiations.
In weather news, daytime highs dipping 20 to 30 degrees below average across much of the central U.S. by the middle of the week, then slowly recovering to around average temperatures by the end of the weekend. Another relatively dry week for the Corn Belt this coming week, per the latest seven-day cumulative precipitation map from NOAA.
CBOT Wheat December futures fell on Monday’s session after fears over export demand pushed some technical selling and closed at 5.05-3/4 USD per bushel. Prices were Higher on today’s session and are currently at 5.06-3/4 USD per bushel at 06:00 GMT.
In Eurozone, European Union soft wheat exports for 2019/20 reached 356.4 million bushels as of November 10, which is trending more than 50 percent above last year’s pace. EU barley exports are also up 38 percent year-over-year so far.
Preliminary volume estimates were for 122,242 CBOT contracts, falling moderately below Friday’s final count of 149,400
CBOT Corn December futures declined on Monday, as pleasant harvest weather generated some technical selling, as did spillover weakness from soybeans. Corn futures prices closed lower on Monday at 3.7325 USD, and currently trading at 3.7425 at 06:00 GMT.
In Asia, South Korea purchased 7.5 million bushels of corn in three private deals from optional origins but likely sourced from South America or the Black Sea region. The grain is for shipment between late December and late January.
Preliminary volume estimates were for 345,774 contracts, tumbling significantly below Friday’s final count of 617,188.
CBOT Soybean November futures broke down on Monday after the latest developments in ongoing U.S.-China relations, which encouraged some technical selling. Soybean futures finished the session at 9.17 USD per bushel and trading now at 9.1950 at 6:00 GMT.
In United States News, Conflicting statements from the Trump Administration over whether some tariffs will be eliminated in the phase one trade deal has left the fate of U.S.-China trade negotiations in doubt. There is still some optimism a partial trade deal between the two countries will be signed as early as December if contested details can be hammered out and a venue can be identified.
Preliminary volume estimates were for 157,104 contracts, dropping moderately below Friday’s final count of 222,355.
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