Pre-opening 13/11/2019
Paris Chicago
Wheatunch-2 cents
Cornunch-1 cent
Rapeseedunch
Soybeanunch
Indexes 12/11/2019
€/$1.1015 $
Oil WTI56.8 $/b

Wheat (€/t)
Dec 19178.25-0.50
Mar 20180.75-1.00
May 20182.50-0.75
Sep 20179.75+0.00
Dec 20182.50+0.00
Corn (€/t)
Jan 20163.75-0.50
Mar 20168.00-0.50
Jun 20173.00-0.25
Aug 20176.00-0.25
Nov 20173.00-1.25
Rapeseed (€/t)
Feb 20388.75+0.50
May 20386.25+0.50
Aug 20373.50+0.50
Nov 20377.00+0.25
Feb 21378.25-0.25
Nitrogen solution (€/t)
Mar 20177.50+0.00
Jun 20177.50+0.00
Sep 20177.50+0.00
Nov 20177.50+0.00
Mar 21177.50+0.00

11/12/2019

Wheat (€/t) : 1139 lots
LotsTypeStrikePrime
1Call Dec 191800.30
1Call Mar 201813.90
101Call Mar 201823.40
450Call May 201922.54
5Call Sep 201807.90
300Put Dec 191770.43
2Put Dec 191846.20
4Put Dec 1918810.00
50Put May 201814.84
225Put May 201825.37
Corn (€/t) : 0 lots
LotsTypeStrikePrime
Rapeseed (€/t) : 773 lots
LotsTypeStrikePrime
1Call Feb 20372.520.00
302Call May 204005.20
20Put Feb 203853.00
300Put May 203858.27
150Put Aug 203706.62

Wheat (¢/b)
Dec 19517.0000-7.7500
Mar 20521.7500-8.0000
May 20526.5000-7.7500
Jul 20530.2500-7.2500
Sep 20537.2500-7.2500
Corn (¢/b)
Dec 19377.7500-1.5000
Mar 20386.5000-1.5000
May 20392.7500-1.7500
Jul 20398.7500-2.0000
Sep 20395.2500-1.5000
Soybean (¢/b)
Nov 19905.7500-1.7500
Jan 20917.0000-1.7500
Mar 20930.2500-1.7500
May 20942.7500-1.7500
Jul 20953.7500-1.7500
Soy meal ($/st)
Dec 19302.3000+1.4000
Jan 20304.4000+1.2000
Mar 20307.6000+1.3000
May 20310.7000+1.1000
Jul 20314.1000+0.9000
Soy oil (¢/lb)
Dec 1931.0300-0.3900
Jan 2031.2300-0.3900
Mar 2031.5100-0.4000
May 2031.8200-0.3900
Jul 2032.1100-0.3900

11/13/2019

Physical (€/t)
Durum wheat delivered Port la Nouvelle Spot - July 2019 basis250.00+0.00
Wheat delivered Rouen - July 2019 basis175.00+1.00
Corn delivered Bordeaux Spot - July 2019 basis161.00+1.00
Corn FOB Rhin Spot - July 2019 basis165.00+0.00
Feed barley delivered Rouen - July 2019 basis160.00+0.00
Malting barley FOB Creil Spot - July 2019 basis160.00+0.00
Rapessed FOB Moselle Spot - Flat - 2019 harvest395.00-4.00
Sunseed delivered St Nazaire Spot - Flat - 2019 harvest335.00+0.00
Feed peas FOB Creil Spot - August 2019 basis195.00+0.00
Analysis 13/11/2019

European market

Last week started the decline of the euro against the dollar and continues this week returning to its lowest level in a month. This factor provides a support element for cereal prices in Europe and particularly for wheat whose export activity this season remains sustained. This decline in the euro leads to an upward price adjustment. Prices rose yesterday evening on Euronext, regaining the levels of the end of last week.

In France, the latest figures from the Ministry of Agriculture confirmed a downward revision of soft wheat production by -0.2 Mt to 39.5 Mt. The barley production is also adjusted slightly to 13.7 Mt or by +0.1 Mt compared to last month. The rainy conditions do not facilitate the corn harvest in France; the Ministry is now expecting a corn production at 12.6 Mt (+0.1 Mt vs last month). The new FranceAgriMer estimates of the balance sheets will be communicated today with the projection of the stock volumes at the end of the campaign.

In oilseeds, despite the confirmation of a decrease in rapeseed production by the Ministry of Agriculture to 3.4 Mt in France, prices have declined after the recent high recorded earlier this week. On Euronext, the rapeseed prices for February 2020 contract returned below the level of 390 €/t. Palm oil also marked a drop yesterday after touching its highest level for nearly 2 years in Kuala Lumpur.

American market

Temperatures are dropping dramatically in the USA, providing a support element, especially for grain markets. At the same time, weekly shipment figures are up and slightly above expectations. As a result, wheat prices rose more than by +10 cents yesterday in Chicago on the closest, testing the resistance levels. According to the latest USDA figures, 92% of winter wheat plantings are done, thus returning to similar levels of recent years.

In corn, harvests are progressing but cannot catch the delay. To date, 66% of the harvesting work has been completed, which is 19 points behind the five-year average. The shipment figures are in line with expectations in a context where Brazil is still very active on the export side.

Soybean prices are stagnating after the fallback recorded earlier this week. In terms of harvesting, 85% of fieldwork is now complete.

Black Sea market

Ukrainian President Volodimir Zelenski announced on Monday that a referendum could be held to decide whether or not to sell land to foreigners. As a reminder, the lifting of the moratorium is scheduled for October 2020. The administration had previously proposed the first five years after the reform to sell land to Ukrainian individuals and companies, then to foreigners. However, this issue is debated because the population is obviously not in favor of a land takeover by foreign investors who could control a large part of Ukrainian territory and its famous chernozems. This black soil is among the richest in the world, with Ukraine concentrating more than 15% of the world's chernozems.

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