Morning Briefing – US markets stable this morning on Globex

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On October 8, 2018, Posted by , In Morning Briefing,Nos articles, With No Comments

US grain markets

Corn and soybeans remain supported by the possible harvest delays due to actual and expected rains.

The USDA’s weekly export inspections and Crop Progress reports will be released only Tuesday due to the Columbus Day.

Corn

The December contract closed basically unchanged (+0.6c) at 368c. It trades this morning around its closing levels.

According to the last CFTC report, speculators cut their net short positions by 51215 to 85286 contracts.

In France, corn harvest reached 42% as of the 1st of October, up from the prior week’s 21%.

Soybeans

The November contract closed 10c up at 869c. It trades this morning 2c higher.

Private exporters reported the sale of 134kT of soymeal to the Philippines.

According to the last CFTC report, speculators cut their net short positions by 14215 to 100281 contracts.

Brazil announced having sold 27.4% of its 2018/2019 crop, up from its 14.1% last year at date.

Wheat

The December contract closed 3c up at 521c. It trades this morning 2c higher.

According to the last CFTC report, speculators cut their net short positions by 3886 to 41879 contracts.

In France, soft wheat planting was done 5% as of the 1st of October, slightly down from last year’s 6% at date.

Other markets

The main US stock indexes closed lower on Friday. The S&P lost 0.6%, recording a 1% loss for the week. Last week, shares came under pressure with rising bond yields.

Crude oil prices declined further. They dropped Thursday from their 4 years highs. The higher than expected US stocks in the weekly EIA report (+8m barrels) weighed on the markets. The November WTI trades this morning around $73.80 and the Brent around $83.40.

The Dollar declined slightly after the US employment report for September. The unemployment rate at 3.7% dropped on its lowest since 1969, but job creations were below market expectations (134k vs. expected 168k). The €/$ pair trades this morning around 1.1510.

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