Morning Briefing – US markets stable this morning on Globex

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On November 27, 2018, Posted by , In Morning Briefing,Nos articles, With No Comments

US grain markets

Soybeans dropped, penalized again by the US/China trade war. The operators are not particularly optimistic about the talks between the two countries and an issue to the conflict next weekend at the G20 summit in Argentina.

Wheat rose after another US sale to Egypt.

The USDA released its weekly export inspections report and, after the close, its Crop Progress report.

Corn

The December contract closed 3c down at 356c. It trades this morning around its closing levels.

The Crop Progress report

According to the USDA, 94% of the corn was harvested as of the 25th of November. The 2013-2017 average at date is 96%. The market expected 95%.

The weekly export inspections report

Export inspections of 1.12mT were up from a week earlier and slightly above market expectations.

Other news

South Korea bought 68kT of US origins for shipping in April.

The SovEcon consultancy estimates the Russian corn exports in November at 249kT, highest number since July.

Soybeans

The January contract closed 19c down at 862c. It trades this morning around its closing levels.

The Crop Progress report

According to the USDA, 94% of the soybeans were harvested as of the 25th of November. The 2013-2017 average at date is 98%. The market expected 96%.

The weekly export inspections report

Export inspections of 1.11mT were basically unchanged from a week earlier and in the upper range of market expectations.

Other news

China basically doubled its Brazilian soybeans imports in October. They reached 6.5mT while US exports remain penalized by the US/China trade war.

Wheat

The December contract closed 8c up at 507c. It trades this morning around its closing levels.

The Crop Progress report

According to the USDA, 95% of the winter wheat was planted as of the 25th of November. The 2013-2017 average at date is 99%. The market expected 96%. 55% of the grains are in good to excellent condition (-1%) where the market expected an unchanged crop rating.

The weekly export inspections report

Export inspections of 252.5kT were sharply down from a week earlier and below market expectations.

Other news

The SovEcon consultancy estimates the Russian wheat exports in November at 3.7mT, lowest number since July.

Other markets

The main US stock indexes closed higher. The S&P rose 1.6%, supported by the tech and consumer discretionary sectors.

Crude oil prices rebounded after having dropped Friday on their one year lows. Speculations about a Russia/Saudi Arabia meeting and talks about a possible production cut supported the markets. The January WTI trades this morning around $51.30 and the Brent around $60.30.

The Euro declined slightly against the dollar. The €/$ trades this morning around 1.1340.

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