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

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On October 17, 2018, Posted by , In Morning Briefing,Nos articles, With No Comments

US grain markets

The markets reacted to the Crop Progress report released Monday after the close. Corn and soybeans closed slightly lower with some profit taking after the recent rally. More favorable harvest weather forecast also weighed on prices. Wheat remained rather stable but trades slightly lower this morning on Globex.

Corn

The December contract closed 3c down at 375c. It trades this morning around its closing levels.

According to Monday evening’s 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 last weekly export inspections of 996.6kT were down from a week earlier and below market expectations. The EU corn imports as of the 14th of October were up 10% from last year at date.

Soybeans

The November contract closed 7c down at 885c. It trades this morning around its closing levels.

According to Monday evening’s 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 last weekly export inspections of 1.16mT were sharply up from a week earlier and above market expectations.

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

Wheat

The December contract closed 1c down at 523c. It trades this morning 2c lower.

According to Monday evening’s 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 last weekly export inspections of 450.9kT were slightly up from a week earlier and in the upper range of market expectations.

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 higher. The S&P rebounded 2.2% in prevision of good quarterly corporate results.

Crude oil prices trades slightly higher. The markets are concerned about the US – Saudi Arabia tensions following the disappearance of a journalist in Turkey. The November WTI trades this morning around $72.00 and the December Brent around $81.50.

The Euro remains rather stable against the US dollar. The €/$ pair trades this morning around 1.1560.

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