Morning Briefing – Corn and soybeans slightly higher, wheat stable this morning on Globex

Home  /  Morning Briefing  /  Morning Briefing – Corn and soybeans slightly higher, wheat stable this morning on Globex

On November 14, 2018, Posted by , In Morning Briefing,Nos articles, With No Comments

US grain markets

The markets closed lower. The dropping crude oil prices weigh on all commodities.

The USDA will released yesterday its export inspections report and, after the close, its Crop Progress report.

Corn

The December contract closed 5c down at 366c. It trades this morning 1c higher.

The Crop Progress report

According to yesterday evening’s Crop Progress report, 84% of the corn was harvested as of the 11th of November. The 2013-2017 average at date is 87%, number expected by the market.

Export inspections

Export inspections of 1.37mT were down from a week earlier but in the higher range of expectations.

Other news

The French Ministry of Agriculture rose its 2018 corn production estimate by 0.4%.

Indonesia bought 100kT of South African corn.

Soybeans

Private exporters reported the sale of 278kT to unknown destinations.

The Crop Progress report

According to yesterday evening’s Crop Progress report, 88% of the soybeans were harvested as of the 11th of November. The 2013-2017 average at date is 93%. The market expected 91%.

Export inspections

Export inspections of 1.3mT were up from a week earlier and in the higher range of expectations.

Other news

The French Ministry of Agriculture left its 2018 rapeseed production estimate unchanged.

Wheat

The December contract closed 12c down at 508c. It trades this morning around its closing levels.

The Crop Progress report

According to yesterday evening’s Crop Progress report, 89% of the winter wheat was planted as of the 11th of November. The 2013-2017 average at date is 94%. The market expected 90%. 54% of the grains are in good to excellent condition (+3%). The market expected an unchanged crop rating.

Export inspections

Export inspections of 342.2kT were slightly up from a week earlier but within market expectations.

Other news

The French Ministry of Agriculture lowered slightly its 2018 soft wheat production estimates.

Other markets

The main US stock indexes closed slightly lower. The S&P lost 0.2%. Dropping crude oil prices (-7% yesterday and -25% since the October highs) weighed on the markets.

Crude oil prices dropped another 7% yesterday further. A lower demand, a rising supply and concerns about global growth weighed on the markets. The December WTI trades this morning around $54.10 and the January Brent around $65.10.

The Euro recovered slightly against the US dollar, supported by advancing Brexit talks. The €/$ pair trades this morning around 1.1300.

Leave a Reply

Your email address will not be published. Required fields are marked *

UA-115977768-1