Pre-opening 27/03/2017
Paris Chicago
Wheat- 1 €- 1 cent
Corn- 1 €+ 1 cent
Rapeseed-1 €
Soybean- 1 cent
Indexes 24/03/2017
€/$1.0805 $
Oil WTI47.97 $/b

Wheat (€/t)
May 17167.00-1.25
Sep 17167.00-1.25
Dec 17170.50-0.75
Mar 18174.25-0.50
May 18176.50-0.25
Corn (€/t)
Jun 17172.00-0.75
Aug 17176.25-0.25
Nov 17169.00+0.00
Jan 18171.50-0.50
Mar 18173.25-0.75
Rapeseed (€/t)
May 17401.25-4.25
Aug 17363.50-1.25
Nov 17365.75-0.75
Feb 18369.25-1.00
May 18370.25-1.25
Nitrogen solution (€/t)
Jun 17149.00+0.00
Sep 17152.00+0.00
Nov 17154.00+0.00
Mar 18152.00+0.00
Jun 18152.00+0.00

24/03/2017

Wheat (€/t) : 4788 lots
LotsTypeStrikePrime
310Call May 171701.30
1Call Sep 171677.50
500Call Sep 171705.80 - 6.20
1201Call Sep 171725.00
3Call Sep 171745.00
500Call Sep 171783.20
360Call Dec 171708.90
560Call Dec 171756.90
61Call Dec 171805.15
140Call Dec 171853.94
200Call Dec 171903.14
50Put Sep 171501.32
500Put Sep 171562.70
200Put Dec 171604.25
62Put Dec 171656.20
140Put Dec 171708.49
Corn (€/t) : 350 lots
LotsTypeStrikePrime
100Call Nov 171754.70
100Call Nov 171803.23
40Call Jan 181902.81
40Put Jan 181707.31
70Put Jun 1817510.57
Rapeseed (€/t) : 1847 lots
LotsTypeStrikePrime
66Call May 174004.50
1Call May 17402.53.70
108Call May 174053.30
560Call May 174102.00
150Call May 174450.10
1Call Aug 1736010.80
1Call Aug 17367.58.00
1Call Aug 17372.56.20
70Call Aug 173804.50
100Call Feb 184005.64
100Call Aug 1835019.36
100Call Aug 183808.16
150Put May 173951.80
150Put May 174055.90
10Put May 1742017.70
21Put Aug 17362.59.70
16Put Aug 1736510.00 - 10.50
240Put Nov 173609.20
2Put Nov 1736512.40

Wheat EU (€/t)
May 17167.5000-1.0000
Sep 17165.0000-0.7500
Dec 17168.5000-0.7500
Mar 18172.0000-0.5000
May 18173.7500+0.2500
Wheat (¢/b)
May 17424.7500-4.7500
Jul 17439.5000-5.7500
Sep 17454.5000-5.5000
Dec 17473.7500-5.5000
Mar 18488.2500-4.7500
Corn (¢/b)
May 17356.2500+0.0000
Jul 17363.7500+0.0000
Sep 17371.5000+0.0000
Dec 17379.5000+0.5000
Mar 18389.0000+0.5000
Soybean (¢/b)
May 17975.7500-4.7500
Jul 17986.2500-5.0000
Aug 17988.5000-5.5000
Sep 17982.0000-6.5000
Nov 17977.0000-6.7500
Soy meal ($/st)
May 17318.2000-2.8000
Jul 17321.4000-2.6000
Aug 17322.0000-2.5000
Sep 17322.0000-2.9000
Oct 17320.7000-3.2000
Soy oil (¢/lb)
May 1732.2300+0.0400
Jul 1732.4900+0.0300
Aug 1732.5600+0.0600
Sep 1732.6300+0.0700
Oct 1732.6700+0.0700

27/03/2017

Physical (€/t)
Durum 2015205.00+0.00
Wheat Delivered Rouen 2016162.00-1.00
Corn Fob Bordeaux 2015166.00+0.00
Corn Fob Rhin 2015175.00+0.00
Feed barley Delivered Rouen 2016135.00-1.00
Malting barley Fob Creil 2016187.00+0.00
Rapessed Fob Moselle - Flat405.00-5.00
Sunseed Delivered St Nazaire - Flat365.00+0.00
Feed peas Fob Creil 2016225.00+0.00
Analysis 27/03/2017

European market

The downward trend of the dollar versus euro has provoked a further bearish adjustment of European prices in a context of global decline of cereals and oilseeds. Import goods are getting cheaper and is offering opportunities in corn and canola to replenish European stocks.

European wheat prices, on both Euronext and CME, are now near-parity around 167 €/t. End of campaign is soon, and European operators are refining 2017 crop estimations. COCERAL said that soft wheat production could increase by +7% from last year to 144.8 Mt.

For barley and rapeseed, productions could be stable, respectively to 59.6 Mt and 21 Mt, according COCERAL. In France, due to recent favorable weather conditions, spring barley seeding are now completed up to 91%, according FranceAgrimer.

American market

Soybean prices finished the week on a downward note, returning to the levels of mid-October 2016. The expected South American production is weighing on prices of the last US harvest. The availabilities and international competition are increasing and the attention is slowly shifting towards the new US campaign. Operators are increasing sales and are now focus on US acreage estimation data which will be displayed by the USDA this Friday and quarterly stocks.

Regarding corn, funds are still trying to increase sales in Chicago as displayed by the last weekly report of the CFTC. Considering the price difference between corn and soybean and corn stocks, analysts are still expecting a decrease of corn acreage in favor of soybean for the next campaign.

Winter wheat is benefitting from current and forecasted rainfalls.

Black Sea market

The pace of weekly exports during last week is in line with the average recorded from the start of the year.

Ukraine exported 80 000 t of wheat, 345 000 t of corn and few barley (3 000 t). As a reminder, previous week shipments were large, above 1.1 Mt, so numbers are now back to normal and in line with remaining supplies.

Russia, on its side, exported nearly 480 000 t of wheat, 80 000 t of corn and also little barley (3 000 t).

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