Pre-opening 21/02/2019
Paris Chicago
Wheat+1€/t+3 cents
Corn+1€/t+2 cents
Rapeseedunch
Soybean+2 cents
Indexes 20/02/2019
€/$1.1342 $
Oil WTI56.92 $/b

Wheat (€/t)
Mar 19192.75+1.75
May 19193.50+0.50
Sep 19178.50+0.25
Dec 19181.00+0.25
Mar 20183.00+0.75
Corn (€/t)
Mar 19174.00+0.00
Jun 19174.50+0.50
Aug 19177.25+0.75
Nov 19170.00+0.00
Jan 20171.00-0.75
Rapeseed (€/t)
May 19360.00+1.50
Aug 19358.75+2.00
Nov 19363.00+1.75
Feb 20364.00+3.00
May 20364.50+1.25
Nitrogen solution (€/t)
Jun 19210.00+0.00
Sep 19210.00+0.00
Nov 19220.00+0.00
Mar 20220.00+0.00
Jun 20220.00+0.00

Wheat (€/t)
Mar 19192.75+1.75
May 19193.50+0.50
Sep 19178.50+0.25
Dec 19181.00+0.25
Mar 20183.00+0.75
Corn (€/t)
Mar 19174.00+0.00
Jun 19174.50+0.50
Aug 19177.25+0.75
Nov 19170.00+0.00
Jan 20171.00-0.75
Rapeseed (€/t)
May 19360.00+1.50
Aug 19358.75+2.00
Nov 19363.00+1.75
Feb 20364.00+3.00
May 20364.50+1.25
Nitrogen solution (€/t)
Jun 19210.00+0.00
Sep 19210.00+0.00
Nov 19220.00+0.00
Mar 20220.00+0.00
Jun 20220.00+0.00

2/20/2019

Wheat (€/t) : 7670 lots
LotsTypeStrikePrime
30Call May 191906.35
2Call May 191925.00
24Call May 191935.00
5Call May 191943.90
351Call May 191953.50
42Call May 191964.10
33Call May 191972.60
1130Call May 192002.20 - 2.50
749Call May 192050.90
28Call May 192060.60
350Call May 192100.36
1Call May 192110.10
20Call May 192300.06
202Call Sep 191806.89
3Call Sep 191855.03
2Call Sep 191874.20
50Call Sep 191903.64
210Call Sep 192001.99
70Call Sep 192101.30
100Call Dec 191808.27
100Call Dec 192201.40
1Call Mar 202231.70
1810Put May 191903.30
1Put May 191923.80
625Put May 191955.04
50Put May 192008.24
64Put May 1921018.00 - 18.10
3Put May 1921522.30
220Put Sep 191601.31
200Put Sep 191652.25
10Put Sep 191703.70
500Put Sep 191755.75
1Put Sep 191798.40
200Put Dec 191500.56
12Put Dec 191703.70
270Put Dec 191807.00 - 7.70
200Put Dec 1918510.18
1Put Mar 201839.13
Corn (€/t) : 0 lots
LotsTypeStrikePrime
Rapeseed (€/t) : 372 lots
LotsTypeStrikePrime
120Call May 193702.50
101Call Aug 193608.70
40Call Aug 194000.96
1Call Nov 193708.70
10Put May 193551.90
100Put Nov 193556.33

2/20/2019

Wheat (€/t) : 7670 lots
LotsTypeStrikePrime
30Call May 191906.35
2Call May 191925.00
24Call May 191935.00
5Call May 191943.90
351Call May 191953.50
42Call May 191964.10
33Call May 191972.60
1130Call May 192002.20 - 2.50
749Call May 192050.90
28Call May 192060.60
350Call May 192100.36
1Call May 192110.10
20Call May 192300.06
202Call Sep 191806.89
3Call Sep 191855.03
2Call Sep 191874.20
50Call Sep 191903.64
210Call Sep 192001.99
70Call Sep 192101.30
100Call Dec 191808.27
100Call Dec 192201.40
1Call Mar 202231.70
1810Put May 191903.30
1Put May 191923.80
625Put May 191955.04
50Put May 192008.24
64Put May 1921018.00 - 18.10
3Put May 1921522.30
220Put Sep 191601.31
200Put Sep 191652.25
10Put Sep 191703.70
500Put Sep 191755.75
1Put Sep 191798.40
200Put Dec 191500.56
12Put Dec 191703.70
270Put Dec 191807.00 - 7.70
200Put Dec 1918510.18
1Put Mar 201839.13
Corn (€/t) : 0 lots
LotsTypeStrikePrime
Rapeseed (€/t) : 372 lots
LotsTypeStrikePrime
120Call May 193702.50
101Call Aug 193608.70
40Call Aug 194000.96
1Call Nov 193708.70
10Put May 193551.90
100Put Nov 193556.33

Wheat (¢/b)
Mar 19480.7500+4.2500
May 19484.2500+4.7500
Jul 19488.2500+3.7500
Sep 19498.5000+3.5000
Dec 19513.5000+3.2500
Corn (¢/b)
Mar 19370.7500+4.7500
May 19379.5000+4.5000
Jul 19387.5000+4.7500
Sep 19392.5000+4.0000
Dec 19398.5000+3.5000
Soybean (¢/b)
Mar 19902.5000+6.0000
May 19916.0000+5.7500
Jul 19929.7500+5.5000
Aug 19935.2500+6.0000
Sep 19939.2500+5.7500
Soy meal ($/st)
Mar 19305.2000+1.2000
May 19309.2000+1.1000
Jul 19313.1000+1.1000
Aug 19315.0000+1.0000
Sep 19316.8000+1.7000
Soy oil (¢/lb)
Mar 1929.9600+0.2500
May 1930.2800+0.2500
Jul 1930.6100+0.2600
Aug 1930.7700+0.2600
Sep 1930.9100+0.3200

Wheat (¢/b)
Mar 19480.7500+4.2500
May 19484.2500+4.7500
Jul 19488.2500+3.7500
Sep 19498.5000+3.5000
Dec 19513.5000+3.2500
Corn (¢/b)
Mar 19370.7500+4.7500
May 19379.5000+4.5000
Jul 19387.5000+4.7500
Sep 19392.5000+4.0000
Dec 19398.5000+3.5000
Soybean (¢/b)
Mar 19902.5000+6.0000
May 19916.0000+5.7500
Jul 19929.7500+5.5000
Aug 19935.2500+6.0000
Sep 19939.2500+5.7500
Soy meal ($/st)
Mar 19305.2000+1.2000
May 19309.2000+1.1000
Jul 19313.1000+1.1000
Aug 19315.0000+1.0000
Sep 19316.8000+1.7000
Soy oil (¢/lb)
Mar 1929.9600+0.2500
May 1930.2800+0.2500
Jul 1930.6100+0.2600
Aug 1930.7700+0.2600
Sep 1930.9100+0.3200

2/21/2019

Physical (€/t)
Blé dur rendu Port la Nouvelle - Base Juillet 2018215.00+0.00
Blé meunier rendu Rouen - Base Juillet 2018187.00-1.50
Maïs rendu Bordeaux - Base Juillet 2018166.00+1.00
Maïs FOB Rhin - Base Juillet 2018165.00+0.00
Orge fourragère rendu Rouen - Base Juillet 2018165.00+0.00
Orge brasserie de printemps Planet FOB Creil - Base Juillet 2018177.00-3.00
Colza FOB Moselle - Flat - Récolte 2018362.00-3.00
Tournesol rendu St Nazaire - Flat - Récolte 2018320.00+0.00
Pois fourragers FOB Creil - Base Août 2018200.00-5.00

2/21/2019

Physical (€/t)
Durum wheat delivered Port la Nouvelle Spot - July 2018 basis215.00+0.00
Wheat delivered Rouen - July 2018 basis187.00-1.50
Corn delivered Bordeaux Spot - July 2018 basis171.00+1.00
Corn FOB Rhin Spot - July 2018 basis165.00+0.00
Feed barley delivered Rouen - July 2018 basis165.00+0.00
Malting barley FOB Creil Spot - July 2018 basis177.00-3.00
Rapessed FOB Moselle Spot - Flat - 2018 harvest362.00-3.00
Sunseed delivered St Nazaire Spot - Flat - 2018 harvest320.00+0.00
Feed peas FOB Creil Spot - August 2018 basis200.00-5.00
Analysis 21/02/2019

European market

New day of turbulence on the markets, still in a context of operators’ disappointment on US exports. This will be confirmed or contested tomorrow Friday at 14:30, when the USDA will publish its sales export from January 3 to today. So the decline in Chicago is the consequence of anticipation of bad results in the USA. On Euronext, the downturn is much more due to technical aspects and correlation with Chicago, than on its own fundamentals.

Indeed, our wheat exports towards the third countries show strong momentum. During the tender of Egypt, France was chosen to deliver 180 000 t of wheat. Our country thus got the largest share, the other 180 000 t being divided into 3 times 60 000 t, between Russia, Ukraine, and Romania. Prices for delivery to Egypt are as follows:

France: price FOB 234.50 $ + transport costs between 16.40 and 18.10 $, so between 250.90 and 252.60 $ C&F

Romania: price FOB 238.16$ + transport costs 11.29$, so 249.45$ C&F

Russia: price FOB 238.00 $ + transport costs 12.19$, so 250.19$ C&F

Ukraine: price FOB 237.50 $ + transport costs 13.20$, so 250.70$ C&F

On the international scene, we will also note the purchase by Jordan (finally!) of 60 000 t of feed barley optional origins.

The rapeseed was retreating yesterday in the wake of the canola and this in spite of the firmness of the oil registering this morning an increase up to 57.40 $/barrel in New York. The dollar evolves little, displayed at 1.1350, even if the Fed suggests the possibility to raise at least once its rates in 2019.

American market

Wheat prices remain under pressure in Chicago, still in the context of disappointing export figures in the USA. Tomorrow at 14:30, the USDA exports data of 6 weeks (from January 3rd) will be published with a delay due to the shutdown.

Another reason for operators to be bearish in wheat is the fact that Iraq may start importing from Russia, while this was a traditionally US market. Every year, Iraq imports between 4.5 and 5 Mt of wheat.

Another element weighing on prices is the funds' position with poor visibility during the shutdown. Indeed, while traders thought that the forecast of corn funds was net long of about 90,000 lots; on January 29 the CFTC posted a net position for only 6,261 lots. Their position to date is now estimated as net short for nearly 40,000 lots.

Other figures expected tomorrow with a lot of attention, are the first surface estimates for this year in corn and soybeans in the USA. Operator expectations are displayed as follows:

• Corn: 91,512 million acres

• Soybean 86.1 million acres

Black Sea market

The Ministry of Agriculture in Ukraine said yesterday that exports this year have reached 31.3 Mt all grains, against 25.8 Mt of last year to date. This increase is mainly due to a record corn production, with exports already reaching 15.1 Mt according to the Ministry (between the beginning of July and the 20th of February) against 9 Mt of last year. In wheat, exports are displaying at 12.3 Mt against 13.4 Mt of last year to date. So the target set at the beginning of campaign at 16 Mt for wheat exports (including 8 Mt of milling wheat) seems for the moment respected.

The statistical service in Ukraine published on Wednesday a report with an important volume of grain stocks on February 1st, displayed at 24.4 Mt which is 2.2 Mt more than last year. These stocks are mainly of corn (16.4 Mt), with 6.15 Mt for wheat and 1.2 Mt for barley.

Live news

France sells 180 000 t of wheat to Egypt

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