Pre-opening 18/06/2018
Paris Chicago
Wheatunch to - 1 €- 3 cents
Cornunch to -1 €- 2 cents
Rapeseedunch
Soybean+ 4 cents
Indexes 15/06/2018
€/$1.1596 $
Oil WTI65.06 $/b

Wheat (€/t)
Sep 18177.50-1.50
Dec 18181.75-1.75
Mar 19184.25-1.50
May 19186.00-1.75
Sep 19182.25-1.00
Corn (€/t)
Aug 18165.25-0.75
Nov 18168.00-0.50
Jan 19171.50+0.00
Mar 19174.25-0.25
Jun 19176.50-1.00
Rapeseed (€/t)
Aug 18349.50-0.25
Nov 18357.25-0.25
Feb 19361.25+0.50
May 19364.25+0.50
Aug 19354.50-2.50
Nitrogen solution (€/t)
Sep 18150.00+0.00
Nov 18152.00+0.00
Mar 19160.00+0.00
Jun 19135.00+0.00
Sep 19151.00+0.00

15/06/2018

Wheat (€/t) : 5295 lots
LotsTypeStrikePrime
18Call Sep 1816414.47
20Call Sep 1817011.20
500Call Sep 181756.61
4Call Sep 181776.80 - 7.00
6Call Sep 181785.80
2Call Sep 181795.50
9Call Sep 181805.00 - 5.40
720Call Sep 181902.40 - 2.80
8Call Dec 181847.67
500Call Dec 181858.20
359Call Dec 181955.50
50Call Dec 181974.80
5Call Dec 182004.70
5Call Mar 1919010.00
5Call Mar 192105.50
5Call May 1919010.20
3Call May 191957.50
5Call May 192105.00
500Put Sep 181754.10
800Put Dec 181754.97 - 5.00
250Put Dec 181808.50
5Put Dec 181838.30
5Put Dec 1819013.00
750Put Mar 191602.30
750Put Mar 1918210.00
1Put May 1918611.00
10Put May 1918711.13
Corn (€/t) : 61 lots
LotsTypeStrikePrime
11Call Nov 181695.00
50Put Aug 181641.30
Rapeseed (€/t) : 102 lots
LotsTypeStrikePrime
100Call Nov 183704.10
1Call Feb 19362.510.90
1Put May 1936011.00

Wheat EU (€/t)
Sep 18159.2500-5.0000
Dec 18163.2500-5.0000
Mar 19164.7500-5.0000
May 19164.2500-5.0000
Sep 19164.2500-5.0000
Wheat (¢/b)
Jul 18499.5000-6.2500
Sep 18513.5000-6.7500
Dec 18534.2500-7.2500
Mar 19553.7500-6.7500
May 19565.0000-7.0000
Corn (¢/b)
Jul 18361.2500-2.7500
Sep 18370.7500-2.5000
Dec 18382.7500-2.7500
Mar 19392.5000-3.0000
May 19399.0000-2.7500
Soybean (¢/b)
Jul 18905.5000+0.0000
Aug 18911.5000+0.0000
Sep 18918.2500+0.7500
Nov 18930.5000+0.7500
Jan 19939.2500+1.5000
Soy meal ($/st)
Jul 18338.9000-0.1000
Aug 18340.9000+0.0000
Sep 18342.7000-0.1000
Oct 18343.6000+0.0000
Dec 18345.1000+0.1000
Soy oil (¢/lb)
Jul 1829.5000-0.0800
Aug 1829.6200-0.0700
Sep 1829.7900-0.0700
Oct 1829.9400-0.0700
Dec 1830.2900-0.0700

18/06/2018

Physical (€/t)
Durum wheat delivered Port la Nouvelle Spot - July 2018 basis218.00+0.00
Wheat delivered Rouen - July 2018 basis176.00-1.00
Corn delivered Bordeaux Spot - July 2017 basis157.00-1.00
Corn FOB Rhin Spot - July 2017 basis163.00+0.00
Feed barley delivered Rouen - July 2018 basis165.00-1.00
Malting barley FOB Creil Spot - July 2018 basis203.00+0.00
Rapessed FOB Moselle Spot - Flat - 2018 harvest349.00-2.00
Sunseed delivered St Nazaire Spot - Flat - 2017 harvest330.00+0.00
Feed peas FOB Creil Spot - August 2018 basis205.00+0.00
Analysis 18/06/2018

European market

The trade war between USA and China is offsetting fundamentals and is provoking massive sell-off from the funds. These actors are fearing a sharp drop of world exchanges. The soybean is the most impacted product by these tensions between USA and China as they are respectively first producer and biggest importer.

USA are threatening to set duties on the equivalent of 50 billion dollars of Chinese products and China has replied in saying they will tax 659 US products, including soybean at 25%. These measures could be implemented on the 6th of July.

The euro is in decline following Thursday’s decisions of the ECB not to raise rates before summer 2019. The asset purchase program will end by the end of the year.

First harvests of barley are starting in France, and it is too early to say about yields. The works should gain momentum this week with the return of dry weather.

On the international stage, South Korea bought 60 000 t of corn and Jordan launched a tender in 120 000 t of feed barley.

FranceAgrimer has cut its crop rating of winter wheat to 76% considered as good to excellent vs 79% last week. Same statement for winter barley with 74% vs 75%, spring barley with 77% vs 78% and corn with 74% vs 77%.

Rapeseed prices were down by the end of last week, following the soybean, palm and crude oil.

American market

Large drop of soybean on Friday after a very volatile session on this product but also on wheat and corn.

On a climatic point of view, conditions are favorable for the crops in USA and market’s adjustments are increased by trade tensions.

The trade war between USA and China is pushing financial funds to increase their sales. Soybean prices have reached their lowest point of the year. Brazilian origins are benefitting from in this tense geopolitical context.

25% of import tariffs on US soybean should be implemented by China from the 6th of July if USA maintain their sanctions.

On Friday, funds were net sellers in 6 000 lots of corn, 16 000 lots of soybean and 3 500 lots of wheat.

Black Sea market

Agritel’s crop tour team is starting another week of counting in a third country. After Romania and Russia, fields will now be visited in Ukraine and more especially in the center and south plains of the country. It looks already that Black Sea will reduce its contribution to the global balance sheet in 2018-19. Indeed, dryness and lack of moisture have penalized the crops ahead of first harvests. In Ukraine, during an agriculture study trip organized for some clients ten days ago, we noticed a big heterogeneity of winter and spring crops confirming the impression of a lower 2018 harvest compared to last year. The question is to know in which proportions? We will try to answer to this question this week after a 3 000 kilometers’ trip in the main regions of production of these three countries.

Live news

Commercial war at center of attention