Morning Briefing – US markets stable this morning on Globex

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On November 21, 2018, Posted by , In Morning Briefing,Nos articles, With No Comments

US grain markets

Soybeans recovered ~1% after Monday’s drop. Wheat closed slightly higher supported by short covering. Only corn closed slightly lower, penalized by the cancellation of a huge export sale.

Operators also reacted to the Crop Progress report released Monday evening after the close.

Corn

The December contract closed 1c down at 361c. It trades this morning 1c higher.

Private exporters reported the cancellation of a 200kT sale to unknown destinations.

The Crop Progress report

According to Monday evening’s report, 90% of the corn was harvested as of the 18th of November. The market expected 91%. The 2013-2017 average at date is 93%.

The weekly export inspections

The last export inspections of 797.5kT were down from last week but within market expectations.

Other news

Corn imports in the EU as of the 18th of November were up 28% year to date.

Corn harvest in Ukraine is 90% done. The Ministry of Agriculture rose the country’s production estimate by 2.4%.

Soybeans

The January contract closed 7c up at 881c. It trades this morning 2c lower.

The Crop Progress report

According to Monday evening’s report, 91% of the soybeans were harvested as of the 18th of November. The market expected 93%. The 2013-2017 average at date is 96%.

The weekly export inspections

The last export inspections of 1.05mT were down from last week but in the upper range of market expectations.

Other news

Soybeans imports in the EU as of the 18th of November were up 28% year to date. Soymeal imports were down 16%.

Wheat

The December contract closed 2c up at 501c. It trades this morning 1c higher.

The Crop Progress report

According to Monday evening’s report, 93% of the winter wheat was planted as of the 18th of November, number in line with market expectations. The 2013-2017 average at date is 97%. 56% of the grains are in good to excellent condition, up 2% from the previous week. The market expected an unchanged number.

The weekly export inspections

The last export inspections of 509.1kTT were up from last week and above market expectations.

Other news

The soft wheat exports of the EU as of the 18th of November were down 27% year to date.

Iran seeks 250kT of feed barley.

Other markets

The main US stock indexes closed sharply lower again. The S&P dropped 1.8%.  Concerns about global growth, the US/China trade war and rising interest rates are weighing on the markets.

Crude oil prices dropped 6% yesterday. Rising US inventories and higher than expected Iranian exports weigh on the markets. The operators are awaiting the 6th of December Opec meeting. The January WTI trades this morning around $54.20 and the Brent around $63.30.

The Dollar rebounded after last sessions’ losses. The €/$ pair trades this morning around 1.1380.

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