Morning Briefing – Wheat higher, soybeans lower, corn stable this morning on Globex

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On November 26, 2018, Posted by , In Morning Briefing,Nos articles, With No Comments

US grain markets

The markets resumed trading after the Thanksgiving holiday.

Corn lost ~1%, impacted by the options expiry. Soybeans and wheat remained rather stable. Another crude oil drop weighed on the markets.

The USDA released its weekly export sales, one day later than usual. The agency will release today its export inspection report and, after the close, its Crop Progress report.

Corn

The December contract closed 3c down at 359c. It trades this morning around its closing levels.

The weekly export sales report

Export sales of 877.4kT were 2% down from the previous week but 50% above the 4 weeks average. The market expected sales between 600kT and 900kT.

Exports of 834.9kT, 25% down from last week and the 4 weeks average, had Mexico as primarily destination.

Soybeans

The January contract closed 2c down at 881c. It trades this morning 4c lower.

The weekly export sales report

Export sales of 680.5kT were clearly up from the previous week and the 4 weeks average. The market expected sales between 550kT and 850kT.

Exports of 1.27mT, 4% up from last week and 9% above the 4 weeks average, had Germany as primarily destination.

Wheat

The December contract closed 1c up at 500c. It trades this morning 4c higher.

The weekly export sales report

Export sales of 330.4kT were 25% down from the previous week and 38% below the 4 weeks average. The market expected sales between 300kT and 600kT.

Exports of 503.8kT, 92% up from last week 48% from the 4 weeks average, had Mexico as primarily destination.

Other news

The IGC sees an 1% increase of the global acreage, with higher surfaces in the EU, the US, Russia and India.

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

Other markets

The main US stock indexes closed lower on Friday. The S&P lost 0.7%. The trade war with China and another drop in crude oil prices weighed on the markets.

Crude oil prices dropped Friday on their one year lows. The OPEC members will meet the 6th of December to talk about a possible production cut. The January WTI trades this morning around $50.90 and the Brent around $59.75.

The Euro trades lower against the dollar. The €/$ pair lost 0.7% last week and trades this morning around 1.1350. M. Draghi is expected to speak today in front of the European parliament.

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