Morning Briefing – Soybeans slightly lower, corn and wheat stable this morning on Globex

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On October 10, 2018, Posted by , In Morning Briefing,Nos articles, With No Comments

US grain markets

Corn and soybeans closed slightly lower with on one hand harvest pressure and on the other concerns about the ongoing US/China trade tensions. Wheat remained stable, supported by some rains delaying planting in the Plains.

The USDA’s released its weekly export inspections report and, after market close, its Crop Progress report.

Corn

The December contract closed 2c down at 364c. It trades this morning around its closing levels.

Export inspections of 1.32mT were slightly down from a week earlier but on the higher end of market expectations.

According to the Crop Progress report, 34% of the corn was harvested as of the 7th of October. The 2013-2017 average at date is 26%. 68% of the grains are in good to excellent condition (-1%). All numbers were in line with market expectations.

France lowered its 2018/2019 corn production estimates.

Soybeans

The November contract closed 7c down at 863c. It trades this morning 4c lower.

Export inspections of 569.7T were down from a week earlier and on the lower end of market expectations.

According to the Crop Progress report, 32% of the soybeans were harvested as of the 7th of October. The market expected 35%. The 2013-2017 average at date is 36%. 68% of the beans are in good to excellent condition (unchanged).

Wheat

The December contract closed 1c up at 515c. It trades this morning 1c higher.

Export inspections of 423.3kT were up from a week earlier but within market expectations.

According to the Crop Progress report, 57% of the winter wheat was planted as of the 7th of October. The market expected 56%. The 2013-2017 average at date is 54%.

France lowered its 2018/2019 soft wheat production estimates.

Bangladesh bought 120kT of US wheat.

Other markets

The main US stock indexes closed slightly lower. The S&P lost 0.1%. The shares remain under pressure with rising bond yields.

Crude oil prices rose slightly with declining Iranian exports ahead of the US sanctions to come. The November WTI trades this morning around $74.60 and the Brent around $84.80.

The Euro remains rather stable against the US dollar. The €/$ pair trades this morning around 1.1510.

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