Morning Briefing – US markets stable this morning on Globex

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US grain markets

The markets remain stable this morning after last sessions’ decline due to a favorable weather forecast for all crops.

The USDA released its weekly export inspections and Crop Progress reports.

 

Corn

The May contract closed 2c up at 378c. It trades this morning around its closing levels.

Export inspections of 1.7mT were up from a week earlier, above market expectations and above the average needed to meet the annual USDA target.

According to the Crop Progress report, 5% were planted as of the 22nd of April, number below last year’s 14% at date. The markets expected 7%.

 

Soybeans

The May contract closed 8c down at 1021c. It trades this morning around its closing levels.

Export inspections of 479kT were slightly up from a week earlier but remain the average needed to meet the annual USDA target. The market expected a number between 300kT and 600kT.

 

Wheat

The May contract closed 2c down 461c. It trades this morning around its closing levels.

Export inspections of 619kT were up from a week earlier, above market expectations and slightly above the average needed to meet the annual USDA target.

According to the Crop Progress report, 3% of spring wheat was planted as of the 22nd of April, where the 2013-2017 average at date is 25%.

31% of the winter wheat is in good to excellent condition, number unchanged from a week earlier. In France, 78% of the grains are in good to excellent condition.

 

Other markets

 

The main US stock indexes closed basically unchanged. Higher Treasury yields weighed on share prices.

 

Crude oil prices recovered further with new tensions in the Middle East. The June WTI trades this morning around $68.90 and the Brent around $74.90.

 

The Dollar continues recovering against the Euro, supported by rising US Treasury yields. The €/$ pair trades this morning around 1.2220.

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