Agricultural Commodities prices were in the red zone on Wednesday, as concerns continue over U.S.-China trade progress that outcome some technical selling today.
In weather news, the latest round of colder weather will close over the next few days, with daytime highs returning to normal degrees or even somewhat above normal by early next week. The latest five-day cumulative precipitation map from NOAA shows only light rain or snow possible around the Great Lakes region through November 18.
CBOT Wheat December futures dropped on Wednesday’s session after a round of profit-taking and closed at 5.09-1/4 USD per bushel. Prices were almost flat on today’s session and are currently at 5.09-3/4 USD per bushel at 06:00 GMT.
In Mainland China, China sold another 3.5 million bushels of its state reserves of wheat at auction earlier today, which was 3.2% of the total available for sale.
Preliminary volume estimates were for 89,384 CBOT contracts, versus Tuesday’s final count of 153,829.
CBOT Corn December futures fell on Wednesday, after some technical selling and affected by stumbling wheat prices. Corn futures prices closed down on Wednesday at 3.7525 USD, and currently trading at 3.7550 at 06:00 GMT.
In South-America, Brazil’s Conab fractionally cut its outlook for the country’s 2019/20 corn production, now at 3.873 billion bushels. Brazil’s 2019/20 corn export estimates remain the same from Conab’s October estimates of 1.339 billion bushels.
Preliminary volume estimates were for 345,665 contracts, versus Tuesday’s final count of 437,866.
CBOT Soybean November futures prices tumbled on Wednesday, dragged by the weakness from wheat and the lack of progress on the United States and China situation. Soybean futures finished the session at 9.1525 USD per bushel and trading now at 9.15 at 6:00 GMT.
In South Korea, the government delayed deadlines for its series of international tenders to purchase 9.2 million bushels of GMO-free soybeans from November 11 to Nov. 18 and 22. The grain is for shipment up through 2023.
Preliminary volume estimates were for 151,197 contracts, versus Tuesday’s final count of 127,596.
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