- US grain markets
The markets reacted to the weekly Crop Progress report released Monday after the close. Wheat and soybeans rebounded on technical considerations.
The May contract closed 2c down at 380c. It trades this morning around its closing levels. According to the USDA, 3% were planted as of the 15th of April, 2% less than the 2013-2017 average. Monday’s export inspections of 1.5mT were down from a week earlier but on the high end of expectations. Mexico was the main destination.Soybeans
The May contract closed 4c up at 1046c. It trades this morning around its closing levels. Monday’s export inspections of 445kT were slightly up from a week earlier and within market expectations. Egypt was the main destination.
The May contract closed 4c up 466c. It trades this morning 2c higher. According to the USDA, 31% of the grains are in good to excellent condition (+1%). 3% of spring wheats were planted as of the 15th of April, compared to 12% last year at date. Monday’s export inspections of 486kT were slightly up from a week earlier and on the high end of expectations. In France, FranceAgriMer announced 78% of the grains in good to excellent condition, number unchanged from a week earlier. Tunisia bought 125kT milling wheat and 25kT of feed barley, both of optional origins.
- Other markets
The main US stock indexes closed higher. The S&P rose 1.1% and the DJ 0.9%. The markets were supported by some better than expected earnings of listed companies. Crude oil prices trade slightly higher after yesterday’s API report showing lower than expected US crude stocks. The official numbers will be released this afternoon. The May WTI trades this morning around $66.90 and the June Brent around $72.00. The Dollar recovers slightly against the Euro after some deceiving German economic indicators. The €/$ pair trades this morning around 1.2370.