Agricultural Commodities were mixed on Monday after a round of uneven technical maneuvering.
In weather updates, another additional rainfall is expected to land on large swaths of the Midwest and Plains between Tuesday and Friday, per the latest 72-hour cumulative precipitation map from NOAA. Next week, the agency’s 8-to-14-day outlook expects much drier-than-normal conditions across the central U.S. Warmer weather is more likely west of the Mississippi River.
In energy news, Oil prices dropped on Monday, after OPEC and its allies agreed to extend historic output curbs by an extra month, but Saudi Arabia signaled it wouldn’t continue with additional, deeper curbs after June.
WTI futures closed Monday’s session at 38.18 USD per barrel and currently trading at 37.77 USD at 13:00 GMT.
International Brent futures closed Monday’s session at 40.76 USD per barrel and currently trading at 40.14 USD at 13:00 GMT.
CBOT Wheat July futures prices fell to reach $5.11-1/4 on Monday’s session as a strong euro and favorable rains in northern Europe.
Ahead of the next weekly crop progress report from USDA, analysts expect the agency to show 96 percent of this year’s spring wheat crop has now been planted, with 80 percent of the crop rated in good-to-excellent condition. For winter wheat, analysts expect USDA to report harvest progress at 12 percent by 7 of June, with 50 percent of the crop rated in good-to-excellent condition.
Wheat export inspections were relatively disappointing last week, dropping to 15.9 million bushels. Trade estimates expected better numbers, with individual guesses ranging between 14.7 million and 23.0 million bushels. China was the No. 1 destination, with 2.3 million bushels.
Preliminary volume estimates were for 167,907 CBOT contracts, trending slightly lower than Friday’s final count of 174,646.
CBOT Corn July futures were almost flat and finished the session at $3.33-1/4, after a round of technical selling, gained by a healthy dose of export inspection data from USDA and emerging concerns about Brazil’s second-corn crop.
According to the USDA report, analysts expect the agency to bump up corn quality a point, with 75 percent of this year’s crop rated in good-to-excellent condition. Planting progress is expected to reach 97 percent, versus 93 percent the prior week
Preliminary volume estimates were for 362,465 contracts, spilling slightly below Friday’s final count of 386,707.
CBOT Soybean July futures prices fell on Monday’s session on another some additional technical selling.
After the crop progress weekly report from USDA, Monday afternoon, analysts expect the agency to show some improvement in soybean crop quality from a week ago, with 71 percent rated in good-to-excellent condition. Analysts also expect USDA to show 87 percent of this year’s crop has been planted as of June 7.
Preliminary volume estimates were for 213,683 contracts, tracking moderately below Friday’s final count of 252,620.
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