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

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On October 16, 2018, Posted by , In Morning Briefing,Nos articles, With No Comments

US grain markets

The markets resumed the recovery initiated end of last week by the WASDE report.

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

Corn

The December contract closed 4c up at 378c. It trades this morning 2c lower.

The weekly export inspections of 996.6kT were down from a week earlier and below market expectations.

According to the Crop Progress report, 39% of the corn was harvested as of the 14th of October. The 2013-2017 average at date is 35%. The crop rating remained unchanged with 68% of the grains in good to excellent condition.

The EU corn imports as of the 14th of October were up 10% from last year at date.

Soybeans

The November contract closed 24c up at 891c. It trades this morning 5c lower.

The weekly export inspections of 1.16mT were sharply up from a week earlier and above market expectations.

According to the Crop Progress report, 38% of the soybeans were harvested as of the 14th of October. The 2013-2017 average at date is 53%. The crop rating lost 2 points with 66% of the beans in good to excellent condition.

The EU soybeans imports as of the 14th of October were up 12% from last year at date.

Wheat

The December contract closed 8c up at 525c. It trades this morning around its closing levels.

The weekly export inspections of 450.9kT were slightly up from a week earlier and in the upper range of market expectations.

According to the Crop Progress report, 65% of the winter wheat was planted as of the 14th of October. The 2013-2017 average at date is 67%.

The EU soft wheat exports as of the 14th of October were down 23% from last year at date. Barley exports are down 8%.

Other markets

The main US stock indexes closed lower. The S&P lost 0.6% after sales in the tech sector.

Crude oil prices remain rather stable. The markets are concerned about the US – Saudi Arabia tensions. The November WTI trades this morning around $71.90 and the December Brent around $81.10.

The Euro remains rather stable against the US dollar. The €/$ pair trades this morning around 1.1570.

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