Morning Briefing – US markets lower this morning on Globex

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On October 18, 2018, Posted by , In Morning Briefing,Nos articles, With No Comments

US grain markets

Corn and soybeans remained rather stable. Wheat closed lower after some technical selling. The fund were net sellers of corn and wheat and net buyers of soybeans.

The USDA will release this afternoon its weekly export sales report.

Corn

The December contract closed 1c down at 374c. It trades this morning 2c lower.

For this afternoon’s report, operators expect export sales between 800kT and 1.3mT.

According to the last 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.

Soybeans

The November contract closed 1c up at 886c. It trades this morning 7c lower.

For this afternoon’s report, operators expect export sales between 600kT and 1mT.

According to the last 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.

Wheat

The December contract closed 6c down at 517c. It trades this morning 3c lower.

For this afternoon’s report, operators expect export sales between 300kT and 600kT.

According to the last 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 Ukrainian wheat harvest advances 4.2% slower and the barley harvest 11.8% slower than last year at date.

Other markets

The main US stock indexes closed slightly lower. The S&P and the DJ declined after the minutes from the September FED meeting showing a will to continue rising interest rates.

Crude oil prices dropped after the weekly EIA report showing once more higher US crude stocks (+6.5m barrels). The November WTI trades this morning around $69.80 and the December Brent around $80.10.

The Dollar rebounded after the release of the minutes from the September FED meeting. The €/$ pair trades this morning around 1.1500.

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