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

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On October 23, 2018, Posted by , In Morning Briefing,Nos articles, With No Comments

US grain markets

Corn and soybeans remained rather stable. Wheat closed lower with weak exports.

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

Corn

The December contract closed 2c up at 369c. It trades this morning around its closing levels.

The export inspections of 942.9kT were down from a week earlier and on the lower end of expectations.

According to the Crop Progress report, 49% of the corn was harvested as of the 21st of October. The 2013-2017 average at date is 47%. The market expected 51%. 68% of the grains are in good to excellent condition (unchanged).

Soybeans

The November contract closed 2c up at 858c. It trades this morning 3c lower.

The export inspections of 1.15mT were up from a week earlier and on the higher end of expectations.

According to the Crop Progress report, 53% of the soybeans were harvested as of the 21st of October. The 2013-2017 average at date is 69%. The market expected 52%. 66% of the beans are in good to excellent condition (unchanged).

Wheat

The December contract closed 2c up at 515c. It trades this morning 3c lower.

The export inspections of 385kT were down from a week earlier but within market expectations.

According to the Crop Progress report, 72% of the winter wheat was planted as of the 21st of October. The 2013-2017 average at date is 77%. The market expected 76%.

Other markets

The main US stock indexes closed lower. The S&P lost 0.4% with good quarterly earnings on one hand and concerns about the global growth in a context of rising interest rates on the other.

Crude oil prices rose slightly, supported by the tensions between the US and Saudi Arabia after the killing of a Saudi journalist. The December WTI trades this morning around $69.20 and the December Brent around $79.50.

The Euro declined against the US dollar. The markets are awaiting Thursday’s ECB meeting. The €/$ pair trades this morning around 1.1450.

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