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

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On November 12, 2018, Posted by , In Morning Briefing,Nos articles, With No Comments

US grain markets

Soybeans rose 1% on Friday while the US administration initiated talks with China regarding the two countries’ trade war. D. Trump will meet Xi Jinping end of November in Buenos Aires.

Wheat declined with a sluggish demand for US origins and the competition of Russian wheat.

Corn closed lower on technical considerations.

The higher dollar weighs on the US markets.

Corn

The December contract closed 4c down at 370c, recording a weekly loss of 0.4%. It trades this morning 1c lower.

The CFTC Report :

According to the last CFTC report, speculators cut their net short positions to 16917 contracts.

Other news:

In France, harvest is basically done with 98% as of the 5th of November.

In Ukraine, harvest is 82% done. The country’s grain production may be up to 3.2% higher than last year.

Soybeans

The January contract closed 8c up at 886c. It trades this morning 1c lower.

The CFTC Report :

According to the last CFTC report, speculators cut their net short positions by 29575 to 102973 contracts.

Other news:

The Conab sees the Brazilian soybeans production basically unchanged from last year.

Wheat

The December contract closed 6c down at 502c, recording a weekly loss of 1.6%. It trades this morning 2c higher.

The CFTC Report :

According to the last CFTC report, speculators cut their net short positions by 1521 to 65429 contracts.

Other news:

In France, 85% of the winter wheat was planted as of the 5th of November. Barley was 90% planted.

Other markets

The main US stock indexes closed lower. The S&P lost 0.9% after the FED meeting. Lower oil prices and a slower Chinese economy are raising concerns about global growth.

Crude oil prices declined further. A higher supply and concerns about global growth weigh on the markets. Prices dropped 20% since early October. The December WTI trades this morning around $60.70 and the January Brent around $71.20.

The Dollar recovered further after the FED meeting. The Central Bank said it will proceed with its rate hikes, the first one being scheduled for December. The €/$ pair trades this morning around 1.1280.

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