Morning Briefing – US markets slightly lower this morning on Globex

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On October 15, 2018, Posted by , In Morning Briefing,Nos articles, With No Comments

US grain markets

The markets rose further on Friday, still under the positive impact of Thursday’s WASDE report.

The USDA released its weekly export sales report one day later than usual.

Corn

The December contract closed 4c up at 374c. It trades this morning 2c lower.

The weekly export sales of 1mT were slightly down from a week earlier and slightly below market expectations. Exports of 1.6mT had Mexico as primarily destination.

According to the last CFTC report, speculators cut their net short positions by 14605 to 80680 contracts.

Strategic grains rose its EU production estimates.

In France, corn harvest was done 65% as of the 8th of October, well above last year’s 24% at date.

Soybeans

The November contract closed 9c up at 867c. It trades this morning 2c lower.

The weekly export sales of 439.7kT were down from a week earlier and well below market expectations. Exports of 884.5T had Egypt as primarily destination.

According to the last CFTC report, speculators cut their net short positions by 1462 to 101742 contracts.

Wheat

The December contract closed 9c up at 517c. It trades this morning 2c lower.

The weekly export sales of 339kT were down 22% from a week earlier and slightly below market expectations. Exports of 501.9kT, up 58% from a week earlier, had Vietnam as primarily destination.

According to the last CFTC report, speculators rose their net short positions by 1517 to 43396 contracts.

According to FranceAgriMer, 15% of the French soft wheat was planted as of the 8th of October.

Other markets

The main US stock indexes closed again higher on Friday. The S&P rose 1.4%, but still records a weekly loss of 4.1%. The shares dropped heavily Wednesday and Thursday, under pressure with rising bond yields.

Crude oil prices recover slightly after having lost 4% during the last week. The November WTI trades this morning around $72.10 and the December Brent around $81.40.

The Euro consolidates against the dollar after Friday’s rebound. The €/$ pair trades this morning around 1.1550.

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