Agricultural Commodities prices were mixed but mostly in the red zone on Thursday, while Corn was the biggest winner supported with some technical buying. Wheat prices were down due to profit-taking that pushed prices lower. Also, Soybeans prices fell as uncertainty cloud prevailed over the U.S.-China situation.
In weather news, the U.S. Drought Monitor displayed drought’s footprint continuing to ease from seasonal highs last month, affecting 29.7% of the nation for the week ending November 19. Problems are mostly nonexistent in the Plains and Midwest but continue to persist in large portions of the Southwest and Southeast.
CBOT Wheat December futures declined on Thursday’s session after traders switched from bargain buying to profit-taking and closed at 5.09 USD per bushel. Prices were higher on today’s session and currently trading at 5.10 USD per bushel at 06:00 GMT.
In Asia, as we mentioned in the previous report Japan purchased 4.4 million bushels of food-quality wheat from the U.S. and Canada in a regular tender that closed earlier today. A little over half of the total was sourced from the U.S.
Preliminary volume estimates were for 109,089 CBOT contracts, trending 14% above Wednesday’s final count of 95,846.
CBOT Corn December futures prices were higher on Thursday gain strength by some technical buying that kept prices higher. Corn futures prices closed on Thursday at 3.68-1/4 USD, and currently trading at matching price 3.69-1/2 at 06:00 GMT.
In South America, Argentina’s Buenos Aires Grains Exchange slightly lowered its estimates for the country’s 2019/20 corn acres, now at 15.568 million acres, as it expects some farmers to swap out corn for more soybeans this year.
Preliminary volume estimates were for 332,721 contracts, tumbling well below Wednesday’s final count of 587,358.
CBOT Soybean November futures prices passed over a positive export data from USDA Thursday morning, with the focus remaining on US-China trade worries. Soybean futures finished the session at 9.0075 USD per bushel and trading lower now at 8.9925 at 6:00 GMT.
In Soybean export pace, U.S. Soybean export shipments were for 62.7 million bushels – a marketing year high. However, China accounted for just over half of that total, with 32.1 million bushels.
Preliminary volume estimates were for 168,470 contracts, down from Wednesday’s final count of 198,496.
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