US grain markets
The operators reacted to the Crop Progress report released Monday evening after the market close. Corn and soybeans harvests are slightly ahead of expectations. The crop rating improved 1% where the market expected unchanged numbers. Winter wheat planting is also ahead of expectations.
The December contract closed 3c up at 364c. It trades this morning around its closing levels.
The USDA reported a sale of 240kT of to Mexico.
According to Monday evening’s Crop Progress report, 16% of the corn was harvested as of the 23rd of September. The 2013-2017 average at date is 11%. 69% of the grains are in good to excellent condition (+1%).
The current EU corn imports are down 4% from a year earlier.
The November contract closed 5c up at 846c. It trades this morning 4c higher.
According to Monday evening’s Crop Progress report, 14% of the soybeans were harvested as of the 23rd of September. The 2013-2017 average at date is 8%. 68% of the beans are in good to excellent condition (+1%).
The current EU soybeans imports are up 4% from a year earlier.
The December contract closed 6c down at 521c. It trades this morning 4c lower.
According to Monday evening’s Crop Progress report, 28% of the winter wheat was planted as of the 23rd of September. The 2013-2017 average at date is 26%. The market expected 25%.
The current EU soft wheat exports are down 29% from a year earlier. Barley exports are down 3%.
Taiwan is seeking 110kT of US origins for shipping in November/December.
The main US stock indexes closed slightly lower. The S&P lost 0.1%. The markets are expecting this afternoon the third US rate hike of the year.
Crude oil prices remain stable. They rallied as the producing countries decided not to commit to an output increase replacing the Iranian exports hit by the US sanctions.
The November WTI trades this morning around $72.20 and the Brent around $81.80.
The Euro remains rather stable. A US rate hike this afternoon is largely expected and should not have any direct impact on the dollar. The €/$ pair trades this morning around 1.1760.
Source © Sitagri