Morning Briefing – US markets stable this morning on Globex

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On November 16, 2018, Posted by , In Morning Briefing,Nos articles, With No Comments

US grain markets

The markets closed only slightly higher. Operators await this afternoon’s weekly export sales report, released one day later than usual.

Corn

The December contract closed basically unchanged (+0.4c) at 367c. It trades this morning 1c higher.

Export sales

For this afternoon’s report, the market expects sales between 500kT and 900kT.

Other news

Strategie Grains rose its 2018 EU corn production estimates by 1% from October. The lower production in France and Germany was offset by production increases in Romania and Hungary.

Soybeans

The January contract closed 5c up at 889c. It trades this morning 1c higher.

Export sales

For this afternoon’s report, the market expects sales between 400kT and 700kT. Soymeal sales are expected between 100kT and 400kT and oil sales between 5000T and 30kT.

Wheat

The December contract closed 2c up at 505c. It trades this morning 1c higher.

Export sales

For this afternoon’s report, the market expects sales between 400kT and 650kT

Other news

Strategie Grains left its 2018 EU soft wheat production estimates unchanged from October. Saudi Arabia seeks 475kT of hard wheat.

Other markets

The main US stock indexes closed higher. The S&P rose 1.1% as the markets expect that the US and China find a compromise on trade.

Crude oil prices recovered further after Tuesday’s heavy drop. The December WTI trades this morning around $56.90 and the January Brent around $67.27.

The Euro continues recovering against the US dollar. The €/$ pair trades this morning around 1.1350.

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