Pre-opening 20/10/2020
Paris Chicago
Wheatunch to +0.50 €/t+ 2 cents
Cornunch+ 1 cent
Rapeseed+ 1 €
Soybean+ 4 cents
Indexes 20/10/2020
€/$1.1810 $
Oil WTI40.83 $/b

Wheat (€/t)
Dec 20211.25-0.50
Mar 21209.50+0.00
May 21207.50-0.25
Sep 21192.25-0.50
Dec 21194.25-0.50
Corn (€/t)
Nov 20188.75+0.50
Jan 21187.75-0.75
Mar 21189.00-0.75
Jun 21190.00-0.50
Aug 21192.00+0.00
Rapeseed (€/t)
Nov 20391.00+2.25
Feb 21393.25+2.00
May 21393.25+2.00
Aug 21383.00+0.50
Nov 21385.75+2.25

19/10/2020

Wheat (€/t) : 13370 lots
LotsTypeStrike
16Call Dec 20178.00
10Call Dec 20180.00
10Call Dec 20190.00
1012Call Dec 20195.00
1502Call Dec 20200.00
800Call Dec 20205.00
2309Call Dec 20210.00
2Call Dec 20211.00
500Call Dec 20215.00
400Call Dec 20218.00
2000Call Dec 20220.00
350Call Dec 20230.00
100Call Mar 21196.00
3Call Mar 21200.00
1110Call Mar 21215.00
100Call Mar 21220.00
250Call Mar 21225.00
8Call May 21187.00
1Call May 21200.00
200Call Dec 21190.00
500Put Dec 20200.00
60Put Dec 20202.00
401Put Dec 20205.00
250Put Mar 21190.00
689Put Mar 21200.00
350Put Mar 21205.00
1Put May 21195.00
430Put May 21200.00
6Put Dec 21190.00
Corn (€/t) : 102 lots
LotsTypeStrike
2Call Jan 21189.00
50Call Jun 21210.00
50Put Jun 21190.00
Rapeseed (€/t) : 121 lots
LotsTypeStrike
1Call Feb 21395.00
60Call Nov 21390.00
60Call Nov 21440.00

Wheat (¢/b)
Dec 20627.0000+6.5000
Mar 21626.0000+7.2500
May 21624.5000+7.0000
Jul 21610.7500+8.2500
Sep 21612.7500+7.7500
Corn (¢/b)
Dec 20405.2500+3.7500
Mar 21410.5000+2.5000
May 21412.2500+2.7500
Jul 21412.0000+2.7500
Sep 21397.2500+2.2500
Soybean (¢/b)
Nov 201054.2500+10.7500
Jan 211054.0000+11.0000
Mar 211042.2500+11.7500
May 211037.5000+11.5000
Jul 211039.5000+11.0000
Soy meal ($/st)
Dec 20373.2000-0.5000
Jan 21367.2000+0.1000
Mar 21359.0000+0.3000
May 21352.2000+0.9000
Jul 21349.9000+0.9000
Soy oil (¢/lb)
Dec 2032.5300+0.9000
Jan 2132.5300+0.9000
Mar 2132.5400+0.8700
May 2132.5600+0.8600
Jul 2132.5700+0.8700

20/10/2020

Physical (€/t)
Durum wheat delivered La Pallice Spot - July 2020 basis270.00+0.00
Wheat delivered Rouen - July 2020 basis209.00+3.00
Corn delivered Bordeaux Spot - July 2020 basis191.00+2.00
Corn FOB Rhin Spot - July 2020 basis190.00+2.00
Feed barley delivered Rouen - July 2020 basis193.00+3.00
Malting barley FOB Creil Spot - July 2020 basis188.00+1.00
Rapessed FOB Moselle Spot - Flat - 2020 harvest390.00-1.00
Standard sunseed delivered St Nazaire Spot - Flat - 2020 harvest415.00+0.00
Feed peas FOB Creil Spot - August 2020 basis230.00+0.00
Analysis 20/10/2020

European market

Cereals markets, including wheat, have been boosted by the announcement of another wheat tender from Algeria for shipments in December. Currently, French and European origins are especially competitive on the international stage, consequence of the jump of prices in the Black Sea area.

The weather remains very changeable and a cause for concern for autumn sowings in Russia and the USA. However, some insufficient and heterogenous rain has arrived in a part of Russia. In the country, the area sown could increase by one million ha compared to last year. In France, sowing should have progressed significantly over the last few days before the return of a rainy weather from today.

Corn harvesting is progressing in Europe with disappointing yields overall. For a change, the European corn is currently competitive due to soaring prices in Ukraine following a sharp drop in production compared to expectations.

Internationally, USA sold 123,000 t of corn to Mexico and 345,000 t to undisclosed destinations. South Korea bought 60,000 t of feed wheat.

Rapeseed was slightly down yesterday in the wake of palm oil. Europe should import significant volumes of rapeseed this year after the poor harvest of this summer. Canola is dealing at its highest level for last two and a half years yesterday. This morning the palm rebounds in Kuala Lumpur.

The euro is rebounding vs. dollar at 1.1770 and crude oil is steady at 40.80 $/b.

American market

In Chicago, prices increased slightly yesterday. Current dry conditions and a buoyant export activity are still supporting most of the commodities markets. Yesterday, US corn sales during last week have been released at 911 012 t, on the top range of traders’ expectations.

The soybean harvest is continuing and 75% of the crop is reported as completed vs. 58% on last five-year average to date. Same trend for the corn with 60% completed vs. 43% in average. Winter wheat sowings are 77% complete compared to an average of 72% to date.

Wheat prices have reached their highest levels since December 2014 in Chicago.

Funds were net buyers yesterday for 9,000 lots of corn, 5,000 lots of soybeans and 2,000 lots of wheat.

Black Sea market

In Russia, the end of the wheat harvest is fast approaching, with only 2% of the area left to be collected. As of yesterday, in bunker weight, producers had collected 87.2 Mt of wheat with an average yield still posted above 3 t/ha. On the other hand, 22 Mt of barley have been collected and only 4% of the area is left to be harvested.

Also, nearly 60% of the corn acreage, i.e. 8.2 Mt, is harvested. On oilseeds, the sunflower and soybean harvests are now achieved up to 84 and 65% respectively.

At the same time, producers are continuing to sow winter crops at a steady pace. 17.5 Mha are already planted. It should be noted that significant rains fell in the central district of the country over the weekend.

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