Morning Briefing – US markets slightly higher this morning on Globex

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On November 15, 2018, Posted by , In Morning Briefing,Nos articles, With No Comments

US grain markets

The markets reacted to the Crop Progress report, released Tuesday after the close. Corn and soybeans were supported by harvest delays. Wheat closed lower after a higher crop rating.

The USDA will release its weekly export sales report tomorrow, one day later than usual..

Corn

The December contract closed basically unchanged (+0.4c) at 367c. It trades this morning around its closing levels.

Private exporters reported the sale of 100kT to Mexico.

The Crop Progress report

According to Tuesday 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

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

Other news

FranceAgriMer left its 2018/2019 corn final stocks estimates unchanged.

Taiwan bought 60kT from the US or Brazil.

Soybeans

The January contract closed 5c up at 883c. It trades this morning 6c higher.

Private exporters reported the sale of 147kT to unknown destinations.

The Crop Progress report

According to Tuesday 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

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

Wheat

The December contract closed 5c down at 503c. It trades this morning 4c higher.

The Crop Progress report

According to Tuesday 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

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

Other news

FranceAgriMer rose slightly its 2018/2019 wheat final stocks estimates.

Other markets

The main US stock indexes closed lower. The S&P lost 0.8% with sales in the financial sector.

Crude oil prices recovered slightly after Tuesday’s heavy drop. The December WTI trades this morning around $56.20 and the January Brent around $66.10.

The Euro continues recovering against the US dollar, supported by advancing Brexit talks. The €/$ pair trades this morning around 1.1340.

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