Morning Briefing – US markets stable this morning on Globex

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US grain markets

No consensus was found was found at the Asia-Pacific summit in the US / China trade conflict. Soybeans lost over 2% while corn and wheat also closed lower.

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

Corn

The December contract closed 2c down at 362c. It trades this morning 1c higher.

The Crop Progress report

According to yesterday evening’s report, 90% of the corn was harvested as of the 18th of November. The market expected 91%. The 2013-2017 average at date is 93%.

The weekly export inspections

The export inspections of 797.5kT were down from last week but within market expectations.

Other news

Corn imports in the EU as of the 18th of November were up 28% year to date.

Corn harvest in Ukraine is 90% done.

South Korea bought 137kT of US origins and 68kT of optional origins.

Soybeans

The January contract closed 18c down at 874c. It trades this morning 2c higher.

The Crop Progress report

According to yesterday evening’s report, 91% of the soybeans were harvested as of the 18th of November. The market expected 93%. The 2013-2017 average at date is 96%.

The weekly export inspections

The export inspections of 1.05mT were down from last week but in the upper range of market expectations.

Other news

Soybeans imports in the EU as of the 18th of November were up 28% year to date. Soymeal imports were down 16%.

Wheat

The December contract closed 8c down at 498c. It trades this morning 1c lower.

The Crop Progress report

According to yesterday evening’s report, 93% of the winter wheat was planted as of the 18th of November, number in line with market expectations. The 2013-2017 average at date is 97%. 56% of the grains are in good to excellent condition, up 2% from the previous week. The market expected an unchanged number.

The weekly export inspections

The export inspections of 509.1kTT were up from last week and above market expectations.

Other news

The soft wheat exports of the EU as of the 18th of November were down 27% year to date. Saudi Arabia bought 495kT of hard wheat.

Turkey seeks 240kT of wheat 75kT of feed barley.

Other markets

The main US stock indexes closed sharply lower. The S&P dropped 1.7% with sales in the tech and internet sectors.

Crude oil prices remain rather stable for the time being. France decided to sanction some Iranian nationals. This decision is backed by the EU and led to speculation about the EU joining the US in the Iranian sanctions. The January WTI trades this morning around $56.80 and the Brent around $66.30.

The Euro continues recovering against the US dollar. The €/$ pair trades this morning around 1.1450.

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