Morning Briefing – Wheat slightly higher, corn and soybeans stable this morning on Globex

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On October 5, 2018, Posted by , In Morning Briefing, With No Comments

US grain markets

The markets remained rather stable. Corn closed slightly higher as some rains may delay the harvest.

The USDA released its weekly export sales report.

Corn

The December contract closed 3c up at 367c. It trades this morning 1c higher.

Export sales of 1.43mT were down from a week earlier but above market expectations. Exports of 317kT had Mexico as primarily destination.

Taiwan bought 66kT from the US and Brazil.

Soybeans

The November contract closed 2c down at 859c. It trades this morning 2c higher.

Export sales of 1.52mT were up from a week earlier and above market expectations. Exports of 720kT had Germany as primarily destination.

Wheat

The December contract closed 3c up at 518c. It trades this morning 4c higher.

Export sales of 435.3kT were down 34% from a week earlier but above market expectations. Export of 317.1kT had Thailand as primarily destination.

Russian exports since January 2018 are up 66.5% from the same period in 2017.

Other markets

The main US stock indexes closed lower. The S&P lost 0.8%. The shares came under pressure with rising bond yields.

Crude oil prices rebound slightly after drop from their 4 years highs. The higher than expected US stocks in the weekly EIA report (+8m barrels) finally weighed on the markets. The November WTI trades this morning around $74.90 and the Brent around $85.03.

The Euro recovered slightly while the markets await this afternoon’s US employment numbers for September. The €/$ pair trades this morning around 1.1500.

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