Morning Briefing – US markets closed for Thanksgiving

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On November 22, 2018, Posted by , In Morning Briefing,Nos articles, With No Comments

US grain markets

The markets remained rather stable with small adjustments ahead of the Thanksgiving holiday.  The USDA will release its weekly export sales report tomorrow.

Corn

The December contract closed basically unchanged (+0.4c) at 362c.

The weekly export sales report

For tomorrow’s USDA report, operators expect sales between 600kT and 900kT.

Other news

Weekly ethanol production dropped to 1.042m barrels/day, a 4 weeks low.

Ukrainian corn exports for 2018/2019 reached 4.4mT, up 69% year to date.

South Korea bought 66kT of optional origins.

Soybeans

The January contract closed 2c up at 883c.

The weekly export sales report

For tomorrow’s USDA report, operators expect soybeans sales between 550kT and 850kT. Soymeal seal are expected between 200kT and 500kT and oil sales between 5000T and 25kT.

Wheat

The December contract closed 2c down at 499c.

The weekly export sales report

For tomorrow’s USDA report, operators expect sales between 300kT and 600kT.

Other news

The Ukrainian Agricultural Ministry expects the 2018/2019 grain exports at 47mT, up 19.2% from the previous year. Wheat exports are seen 6.4% lower.

Other markets

The main US stock indexes closed slightly higher. The S&P rose 0.3%, supported by a rebound in the tech sector.

Crude oil prices remained rather stable. US stocks rose for 9th consecutive week. On another hand, the markets expect a production cut after next month’s Opec meeting. The January WTI trades this morning around $54.40 and the Brent around $63.10.

The Euro rebounded against the dollar after some deceiving US economic indicators. The €/$ pair trades this morning around 1.1380.

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