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

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On October 30, 2018, Posted by , In Morning Briefing,Nos articles, With No Comments

US grain markets

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

Corn closed slightly lower with deceiving export inspection. The harvest advanced slightly lower than expected.

Soybeans lost some ground with harvest pressure and expectations of a record Brazilian production. The harvest advanced slightly faster than expected.

Wheat rose slightly, supported by good exports. Winter wheat planting advances lower than expected.

Corn

The December contract closed 1c down at 367c. It trades this morning around its closing levels.

According yesterday evening’s Crop Progress report, 63% of the corn was harvested as of the 28th of October. The number matches the 2013-2017 average. The market expected 64%.

Export inspections of 653kT were sharply down from a week earlier and below market expectations.

EU corn imports are up 14% year to date.

Soybeans

The November contract closed 6c down at 839c. It trades this morning around its closing levels.

According yesterday evening’s Crop Progress report, 72% of the soybeans were harvested as of the 28th of October. The market expected 70%. The 2013-2017 average at date is 81%. Export inspections of 1.3mT were slightly up from a week earlier and above market expectations.

South Korea bought 60kT of soymeal of optional origins for shipping in May.

Private exporters reported a sale of 120kT to unknown destinations.

EU soybeans imports are up 5% year to date. Soymeal imports are down 19%.

Wheat

The December contract closed 2c up at 507c. It trades this morning 2c lower.

According yesterday evening’s Crop Progress report, 78% of the winter wheat was planted as of the 28th of October. The market expected 82%. The 2013-2017 average at date is 85%. 52% of the grains are in good to excellent condition.

Export inspections of 393kT were slightly up from a week earlier and within market expectations.

EU soft wheat exports are down 24% year to date. Barley exports are down 5.5%.

Other markets

The main US stock indexes closed lower. The S&P lost 0.6%. The markets remain particularly volatile amid concerns about the US/China trade war and its impact on the global growth.

Crude oil prices trade slightly lower. A rising number of active drilling rigs in the US and a higher dollar weighed on the markets. The December WTI trades this morning around $67.10 and the December Brent around $77.10.

The Dollar rose after a series of good US economic indicators. The numbers should allow the FED to proceed with its rate hike program. The €/$ pair trades this morning around 1.1380.

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