US grain markets
The markets recover this morning after Fridays drop. They closed lower as the weather forecast remained favorable for all crops.
The May contract closed 6c down at 376c with a weekly loss of 2.5%. It trades this morning 2c higher.
Funds were net sellers of 16000 contracts.
Last Thursday, export sales of 1.2mT were up from a week earlier. The markets expected a number between 701kT and 1.4mT.
In France, 6% of surfaces were planted as of the 16th of April, number far below last year’s 49% at date.
In South Africa, favorable weather conditions pushed analysts to rise their production estimate by 3%.
The May contract closed 8c down at 1029c with a weekly loss of 2.4%. It trades this morning 4c higher.
Funds were net sellers of 12500 contracts.
Last Thursday, export sales of 1.4mT were down from a week earlier. The markets expected a number between 1.4mT and 2.2mT.
The Brazilian crop is done 91%, number in line with last years’ average at date.
The May contract closed 13c down 463c with a weekly loss of 1.9%. It trades this morning 5c higher.
Funds were net sellers of 7000 contracts.
Last Thursday, export sales of 240kT were up from a week earlier. The markets expected a number between 101kT and 550kT.
In France, 78% of the grains are in good to excellent condition, number unchanged from a week earlier.
The main US stock indexes closed lower. The S&P and the DJ lost ~0.8%. The markets were dragged down by the energy and technological sectors.
Crude oil prices rebounded rather quickly after the drop following D. Trumps tweet about “artificially very high crude oil prices”. The May WTI trades this morning around $68.30 and the June Brent around $74.10.
The Dollar rebounded against the Euro, supported by higher US Treasury yields. The €/$ pair trades this morning around 1.2270.