Morning Briefing – US markets stable this morning on Globex

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On October 1, 2018, Posted by , In Morning Briefing,Nos articles, With No Comments

US grain markets

The markets closed lower after the quarterly stocks report. The numbers were bearish for corn and soybeans. Wheat was less impacted but closed lower as well.

The USDA will release this afternoon its weekly export inspections report and, after market close, its Crop Progress report.

Corn

The December contract closed 8c down at 356c. It trades this morning 1c higher.

According to the USDA, the 1st of September stocks were at 2.14b bushels. The number is 7% down from one year ago, but above the 12th of September estimates and above market expectations.

A Brazilian consultancy rose its country’s corn production estimates by 1.2%.

The European Commission lowered its 2018/2019 production estimates.

In France, 24% of the harvest was done as of the 24th of September. 58% of the grains are in good to excellent condition.

Soybeans

The November contract closed 9c down at 845c. It trades this morning around its closing levels.

According to the USDA, the 1st of September stocks were at 438m bushels. The number is 45% up from one year ago and above the 12th of September estimates.

A Brazilian consultancy rose its country’s soybeans production estimates by 1%.

The European Commission rose its 2018/2019 production estimates. The numbers are however 10% lower than one year ago.

Wheat

The December contract closed 4c down at 509c. It trades this morning 1c higher.

According to the USDA, the 1st of September stocks were at 2.38b bushels. The number was 5% up from one year ago but within market expectations.

The European Commission lowered slightly its 2018/2019 production estimates.

Wheat harvest is compete in Ukraine.

Other markets

The main US stock indexes remained stable on Friday. The S&P closed unchanged, recording a quarterly gain of 7%. It’s its best quarterly result since 2013.

Crude oil prices rose further on Friday, recording a 3rd consecutive weekly gain. The markets remain supported by the US sanctions against Iranian exports.

The November WTI trades this morning around $73.50 and the Brent around $83.20.

The Euro dropped further against the US dollar. The €/$ pair trades this morning around 1.1590.

© Sitagri

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