Morning Briefing – US markets stable this morning on Globex

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On November 7, 2018, Posted by , In Morning Briefing,Nos articles, With No Comments

US grain markets

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

The Crop Progress report, released Monday evening after the close, was neutral for corn and soybeans. A lower than expected crop rating pushed wheat 1% higher.

Corn

The December contract closed basically unchanged at 373c. It trades this morning 1c lower.

According to Monday evening’s 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%.

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

In Russia, the SovEcon consultancy expects November corn exports at 990kT, slightly lower than in October.

Soybeans

The January contract closed 1c down at 884c. It trades this morning 1c higher.

According to Monday evening’s 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%.

The last 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.

In Brazil, the Abiove consultancy rose its 2018 production estimates.

Wheat

The December contract closed 5c up at 512c. It trades this morning around its closing levels.

According to Monday evening’s 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

The last export inspections of 327T were down from a week earlier but within market expectations.

In Russia, the SovEcon consultancy expects November wheat exports at 4mT, slightly lower than the three months average.

Other markets

The main US stock indexes closed higher. The S&P rose 0.6% while waiting for the results of the US mid-term elections.

Crude oil prices traded lower two days after the US announced that a series of 8 countries, including China, can continue to buy Iranian oil in despite of the sanctions. The December WTI trades this morning around $61.80 and the December Brent around $71.90.

The Dollar declined after the results of the US mid-term elections. The €/$ pair trades this morning around 1.1450.

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