Morning Briefing – US markets stable this morning on Globex

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On November 6, 2018, Posted by , In Morning Briefing,Nos articles, With No Comments

US grain markets

The markets remain rather stable while operators await Thursday’s WASDE report.

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

Corn

The December contract closed 4c up at 374c. It trades this morning around its closing levels.

According to the Crop Progress report, 76% of the corn was harvested as of the 4th of November. The number matches the market expectations. The 2013-2017 average at date is 77%.

Export inspections of 1.25mT were sharply up from a week earlier and above market expectations.

For Thursday’s WASDE report, the operators expect lower 2018 production estimates.

The USDA reported a 101.6kT sale to Mexico.

EU corn imports are 14% down year to date.

Soybeans

The January contract closed 2c down at 886c. It trades this morning around its closing levels.

According to the Crop Progress report, 83% of the soybeans were harvested as of the 4th of November. The market expected 84%. The 2013-2017 average at date is 89%.

Export inspections of 1.23mT were slightly down from a week earlier but within market expectations.

For Thursday’s WASDE report, the operators expect slightly lower 2018 production estimates.

Iran bought 200kT of soymeal from India.

EU soybeans imports are 5% up year to date. Soymeal imports are down 18%.

Wheat

The December contract closed 1c down at 507c. It trades this morning around its closing levels.

According to the Crop Progress report, 84% of the winter wheat was planted as of the 4th of November. The market expected 86%. The 2013-2017 average at date is 90%. 51% of the grains are in good to excellent condition

Export inspections of 327T were down from a week earlier but within market expectations.

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

Other markets

The main US stock indexes closed higher. The S&P rose 0.6%. The markets are awaiting the results of the US mid-term elections.

Crude oil prices recovered slightly but remain under pressure. The US announced that a series of 8 countries, including China, may continue to buy Iranian oil in despite of the sanctions. The December WTI trades this morning around $62.90 and the December Brent around $72.90.

The Dollar declines slightly. It rose Friday after the US employment report. The €/$ pair trades this morning around 1.1400.

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