The lack of competitiveness of the US futures accompanied by the ample supply kept the pressure on the US-based Wheat and Corn futures and drove them to expand their losses for the fourth straight trading session.
Furthermore, the Soybean futures lost grounds despite gapping higher on yesterday’s open affected by the favorable rain forecast as well as the easing concerns of the dry weather in South America in time where farmers are planting their next crop.
Crude Oil futures remained firm over Russia and Saudi Arabia’s support for expanding the cuts of their crude Oil productions. However, trader’s profit taking and the increase of Iraq’s Oil exports from its southern ports weighed on the futures thus keeping their gains in check.
West Texas Intermediate December futures contract ended marginally lower at 54.10 US Dollars a barrel and Brent December futures contract rose marginally higher to end at 60.86 US Dollars a barrel.
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