Morning Briefing – Wheat higher, corn and soybeans stable this morning on Globex 19/04/18

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On April 19, 2018, Posted by , In Morning Briefing,Nos articles, With No Comments

US grain markets

Wheat continues recovering as the markets are concerned about the showers in the Plaines that may not deliver as much moisture as expected. Corn rose slightly while soybeans closed slightly lower after some profit taking. The funds were net buyers of corn and wheat and net sellers of soybeans.

The USDA will release this afternoon its weekly export sales report.

 

Corn

The May contract closed 3c up at 383c. It trades this morning around its closing levels.

For this afternoon’s export sales report, the markets expect numbers between 701kT and 1.4mT.

Monday’s export inspections of 1.5mT were down from a week earlier but on the high end of expectations. Mexico was the main destination.

 

Soybeans

The May contract closed 4c down at 1042c. It trades this morning 2c higher.

For this afternoon’s export sales report, the markets expect numbers between 1.4mT and 2.2mT.

Monday’s export inspections of 445kT were slightly up from a week earlier and within market expectations. Egypt was the main destination.

 

Wheat

The May contract closed 9c up 475c. It trades this morning 4c higher.

For this afternoon’s export sales report, the markets expect numbers between 101kT and 550kT.

Monday’s export inspections of 486kT were slightly up from a week earlier and on the high end of expectations.

Jordan bought 49kT milling wheat for shipping in August.

Algeria launched a tender for hard wheat, shipping in July.

 

Other markets

 

The main US stock indexes closed almost unchanged. The S&P rose 0.1% while the DJ lost 0.1%. The markets remain supported by some good quarterly earnings of listed companies.

 

Crude oil prices trade on their 3.5 years highs. They rallied after yesterday’s EIA report showing lower than expected US crude stocks. The May WTI trades this morning around $68.90 and the June Brent around $73.90.

 

The Dollar remains rather stable against the Euro. The €/$ pair trades this morning around 1.2370.

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