US grain markets
The markets were open for the Columbus Day, but the holiday deprived them of a part of their resources. The Canadian markets were closed for Thanksgiving.
Corn and soybeans remained rather stable while wheat dropped over 1% on technical considerations.
The USDA’s weekly export inspections and Crop Progress reports will be released today.
The December contract closed 2c down 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%.
The November contract closed basically unchanged (+0.6c) at 870c. It trades this morning 2c higher.
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.
The December contract closed 7c down at 514c. It trades this morning 1c lower.
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.
The main US stock indexes remained rather stable with the bond markets closed for the Columbus Day. The S&P closed basically unchanged.
Crude oil prices recovered slightly. They dropped end of last week from their 4 years highs. Higher than expected US stocks in the weekly EIA report weighed on the markets. The November WTI trades this morning around $74.70 and the Brent around $84.40.
The Dollar recovered slightly. It dropped last Friday after the US employment report for September. The unemployment rate at 3.7% dropped on its lowest since 1969, but job creations were below market expectations (134k vs. expected 168k). The €/$ pair trades this morning around 1.1500.