Morning Briefing – US markets closed for Thanksgiving

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On November 23, 2018, Posted by , In Morning Briefing,Nos articles, With No Comments

US grain markets

The markets were closed for Thanksgiving. Trading will resume this afternoon.

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

Egypt bought 120kT from the US, 60kt from Russia and 60kt from Romania.

Corn

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

The weekly export sales report

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

Soybeans

The January contract closed Wednesday 2c up at 883c.

The weekly export sales report

For this afternoon’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 Wednesday 2c down at 499c.

The weekly export sales report

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

Other news

Egypt bought 120kT from the US, 60kt from Russia and 60kt from Romania. It is the second tender where Egypt bought US wheat, and the first one since June where it bought more from the US than from Russia.

Other markets

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

Crude oil prices dropped further rather stable after Wednesday’s EIA report showing rising US stocks for 9th consecutive week. The January WTI trades this morning around $53.10 and the Brent around $61.60.

The Euro recovered against the dollar after a draft text agreement between Britain and the EU. The €/$ pair trades this morning around 1.1410.

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