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Commodity Market Report, 11th of June 2020

Agricultural Commodities were mixed on Wednesday as USDA delivers its latest grain data dump in the agency’s monthly World Agricultural Supply and Demand Estimates (WASDE) report.

In weather updates, drier weather is finally in the forecast, with NOAA’s latest 72-hour cumulative precipitation map expecting very little measurable rainfall in the Midwest or Plains between Thursday and Sunday.

In energy news, Oil prices rose on Wednesday’s, after the U.S crude oil inventories reached numbers better than expected.

WTI futures closed Wednesday’s session at 39.07 USD per barrel and currently trading at 37.04 USD at 13:00 GMT.

International Brent futures closed Wednesday’s session at 41.20 USD per barrel and currently trading at 39.38 USD at 13:00 GMT.

 

Wheat

CBOT Wheat July futures prices rose to reach $5.05-2/4 on Wednesday’s session after round of technical maneuvering as traders squared positions ahead of Thursday morning’s WASDE report. 

Ahead of Thursday morning’s weekly export report from USDA, analysts expect the agency to show wheat sales ranging between 7.3 million and 29.4 million bushels for the week ending June 4.

 According to the latest available data, Russia exported 383 million bushels of wheat between January and April, a 22 percent increase over the same time a year ago. Russia is the world’s No. 1 wheat exporter.

Preliminary volume estimates were for 148,827 CBOT contracts, drifting moderately below Tuesday’s final count of 201,921.

  

Corn

CBOT Corn July futures dropped in this session  and finished the session at $3.25-3/4, after some round of technical selling,

Ahead of Thursday morning’s weekly export report from USDA, analysts expect the agency to show corn sales ranging between 19.7 million and 43.3 million bushels for the week ending June 4.

Meanwhile, Thursday’s morning is USDA’s monthly WASDE report. Analysts expect the agency to show a rise in 2019/2020 corn ending stocks, moving from 2.098 billion bushels in May to 2.150 billion bushels. Analysts also expect USDA to show an increase in 2020/21 ending stocks, at a massive 3.360 billion bushels.

Preliminary volume estimates were for 434,325 contracts, trending slightly lower than Tuesday’s final count of 256,785.

  

Soybean

CBOT Soybean July futures prices rose on Wednesday’s session on another some additional technical selling.

Ahead of Thursday morning’s weekly export report from USDA, analysts expect the agency to show soybean sales in a range between 25.7 million and 62.5 million bushels for the week ending June 4.

In Thursday monthly WASDE report from USDA, analysts expect the agency to show 2019-2020 soybean ending stocks to move slightly lower, from 580 million bushels in May to 577 million bushels. In contrast, 2020/21 ending stocks are expected to rise, moving from 405 million bushels last month to 426 million bushels.

Preliminary volume estimates were for 213,527 contracts, tracking moderately below Tuesday’s final count of 258,425.

 

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