Morning Briefing – Wheat slightly lower, corn and soybeans stable this morning on Globex – WASDE report is today.

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On December 11, 2018, Posted by , In Morning Briefing,Nos articles, With No Comments

US grain markets

The markets closed slightly lower with operators awaiting this evening’s WASDE report.

Corn

The March contract closed 1c down at 384c. It trades this morning around its closing levels.

The WASDE report

For this evening’s report, analysts expect US final stocks at 945m bushels, up from November’s 1.736b. Production estimates are expected unchanged. World stocks are expected at 309.4mT, up from November’s 307.51mT.

Soybeans

The January contract closed 7c down at 910c. It trades this morning 2c lower.

The WASDE report

For this evening’s report, analysts expect US final stocks at 1.761b bushels, down from November’s 955. Production estimates are expected unchanged. World stocks are expected at 113.97mT, up from November’s 112.08mT.

Wheat

The March contract closed 6c down at 525c. It trades this morning 2c lower.

The WASDE report

For this evening’s report, analysts expect US final stocks at 980m bushels, up from November’s 956m. Production estimates are expected unchanged. World stocks are expected at 267.85mT, slightly up from November’s 266.71mT.

Contracts Close This morning
Corn Mar18  384c (-1c) -0.5c
      Soybeans Jan19 910c (-7c) -2c
   Wheat Mar18 525c (-6c) -2c

Other markets

The main US stock indexes closed higher. The S&P rose 0.2%. It dropped sharply on Friday after the monthly employment report showing 155k new jobs in November where the markets expected 190k.

Crude oil prices turned downwards after Friday’s rally following the production cut decided by the main producing countries. The January WTI trades this morning around $51.00 and the February Brent around $59.90.

The Dollar recovered slightly against the Euro. It dropped after the deceiving US employment report for November. The €/$ trades this morning around 1.1360.

S&P WTI (Nov) / Brent (Dec) EUR / USD
2638 (+0.2%) $50.99 / $59.90 1.1364

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