Morning Briefing – Soybeans slightly higher this morning on Globex

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On November 13, 2018, Posted by , In Morning Briefing,Nos articles, With No Comments

US grain markets

Wheat rallied with short covering and optimism as regards exports. Soybeans and corn remained rather stable.

The USDA will release today its export inspections and Crop Progress reports.

Corn

The December contract closed 1c up at 371c. It trades this morning 1c lower.

Taiwan seeks 66kT of optional origins.

SovEcon sees the Russian corn exports in November at ~249kT.

Corn imports in the EU reached 6.63mT as of the 11th of November, 24% more than last year at date.

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

Soybeans

The January contract closed 3c down at 883c. It trades this morning 5c higher.

The Conab sees the Brazilian soybeans production basically unchanged from last year. The 2018 exports are expected to top 74.65mT.

Harvest is basically done in Ukraine and estimated 23% higher than last year.

Soybeans exports in the EU reached 4.6mT as of the 11th of November, 4% more than last year at date.

Wheat

The December contract closed 17c up at 520c. It trades this morning 2c lower.

Soft wheat imports in the EU reached 5.89mT as of the 11th of November, 24% less than last year at date.

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

SovEcon sees the Russian wheat exports in November at ~4mT.

Other markets

The main US stock indexes closed sharply lower. The S&P lost 2%. Lower crude oil prices and sales in the tech sectors weighed on the markets.

Crude oil prices declined further. A higher supply and concerns about global growth weigh on the markets. Prices dropped over 20% since early October. The December WTI trades this morning around $59.10 and the January Brent around $69.40.

The Dollar rose further, still supported by the FED who said it will proceed with its rate hikes, the first one being scheduled for December. The €/$ pair trades this morning around 1.1240.

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