Morning Briefing – US markets slightly lower this morning on Globex

Home  /  Morning Briefing  /  Morning Briefing – US markets slightly lower this morning on Globex

On October 24, 2018, Posted by , In Morning Briefing,Nos articles, With No Comments

US grain markets

The markets remained rather stable after Monday evening’s Crop Progress and in absence of fresh news.

Corn

The December contract closed basically unchanged (+0.6%) at 370c. It trades this morning around 2c lower.

According to Monday evening’s 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).

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

South Korea bought 137kT for shipping in May.

Ukraine harvested 62% of its corn.

Soybeans

The November contract closed 1c down at 857c. It trades this morning 2c lower.

According to Monday evening’s 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).

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

Wheat

The December contract closed 1c up at 509c. It trades this morning 2c lower.

According to Monday evening’s 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%.

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

The Russian IKAR consultancy rose irs Russian export potential estimates by 1.5%.

Other markets

The main US stock indexes closed lower. The S&P lost 0.6% 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 dropped ~4% after Saudi Arabia’s pledge to play a “responsible role” in the markets. The December WTI trades this morning around $66.60 and the December Brent around $76.80.

The Euro remains rather stable against the US dollar. The markets are awaiting Thursday’s ECB meeting. The €/$ pair trades this morning around 1.1460.

Leave a Reply

Your email address will not be published. Required fields are marked *

UA-115977768-1