Morning Briefing – US markets stable this morning on Globex

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On November 8, 2018, Posted by , In Morning Briefing,Nos articles, With No Comments

US grain markets

The markets closed slightly lower with some position adjustments ahead of this evening’s WASDE report. Prices remain stable this morning on Globex.

The USDA will release this afternoon its weekly export sales report.

Corn

The December contract closed 1c down at 372c. It trades this morning around its closing levels.

For this afternoon’s report, the market expects export sales between 600kT and 900kT.

For the WASDE report, analysts expect a slightly lower 2018 US production, down from 14.778 billion bushels in October to 14.729bb, with a yield of 180b/a. US final stocks estimates are expected around 1.773m bushels vs. 1813m in October.

US ethanol production rose last week to an average of 1.068m barrels/day, highest number since last August.

In Russia, harvest reached 9.4mT, 12% up from last year at date.

Indonesia seeks 100kT of feed corn for shipping in December.

Soybeans

The January contract closed 5c down at 879c. It trades this morning 1c higher.

For this afternoon’s report, the market expects export sales between 400kT and 700kT.

For the WASDE report, analysts expect a slightly lower 2018 US production, down from 4.690 billion bushels in October to 4.676bb, with a yield of 53b/a. US final stocks estimates are expected around 898k bushels vs. 885m in October.

Wheat

The December contract closed 2c down at 510c. It trades this morning around its closing levels.

For this afternoon’s report, the market expects export sales between 300kT and 600kT.

For the WASDE report, analysts US final stocks estimates around 958k bushels vs. 956m in October.

In Russia, harvest reached 73.4mT, 16.4% down from last year at date. The Agriculture Ministry estimates the country’s 2018/2019 exports between 34mT and 35mT.

Other markets

The main US stock indexes closed sharply higher. The S&P rose 2.1% after the official results of the US mid-term elections. The highest gains were recorded in the tech and healthcare sectors.

Crude oil prices stabilize on their lowest levels since March. Earlier this week, 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 $61.70 and the December Brent around $72.00.

The Dollar remains rather stable. It declined slightly after the results of the US mid-term elections. The €/$ pair trades this morning around 1.1430.

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