Pre-opening 20/09/2019
Paris Chicago
Wheatunch to + 1€/t-2 cents
Cornunch-1 cent
Rapeseedunch
Soybean-2 cents
Indexes 20/09/2019
€/$1.103 $
Oil WTI58.09 $/b

Wheat (€/t)
Dec 19171.25-0.50
Mar 20175.50-0.25
May 20178.25-0.25
Sep 20179.50-0.25
Dec 20182.25-0.25
Corn (€/t)
Nov 19163.25-0.25
Jan 20168.50-0.25
Mar 20170.75-0.75
Jun 20175.25-0.50
Aug 20178.00-0.25
Rapeseed (€/t)
Nov 19387.25+0.25
Feb 20389.25-0.25
May 20386.25+0.75
Aug 20371.75+0.50
Nov 20375.75+0.75
Nitrogen solution (€/t)
Nov 19170.50+0.00
Mar 20180.50+0.00
Jun 20180.50+0.00
Sep 20180.50+0.00
Nov 20180.50+0.00

9/20/2019

Wheat (€/t) : 2733 lots
LotsTypeStrikePrime
500Call Dec 191751.59
2Call Mar 201765.40
8Call Mar 201775.00
100Call Dec 202122.50
1010Put Dec 191702.20
10Put Dec 191712.70
1Put Dec 191754.90
2Put Dec 1918816.20
1000Put Mar 201702.96
100Put Dec 2018210.30
Corn (€/t) : 308 lots
LotsTypeStrikePrime
250Call Nov 191700.71
50Call Nov 191800.20
8Call Mar 202000.59
Rapeseed (€/t) : 375 lots
LotsTypeStrikePrime
50Call Nov 19372.515.00
20Call Nov 193808.32
50Call Nov 193903.00
50Call Feb 2037020.24
51Call Feb 203907.10
6Call Feb 204004.19
2Call Feb 204102.50
100Put Nov 19387.54.04
46Put Feb 203803.20

Wheat (¢/b)
Dec 19484.2500-3.2500
Mar 20491.0000-2.7500
May 20495.7500-2.0000
Jul 20499.7500-2.0000
Sep 20507.2500-2.5000
Corn (¢/b)
Dec 19370.7500-1.7500
Mar 20381.7500-2.0000
May 20389.5000-2.0000
Jul 20395.2500-2.2500
Sep 20396.7500-2.7500
Soybean (¢/b)
Nov 19882.7500-10.7500
Jan 20896.5000-9.7500
Mar 20908.7500-10.0000
May 20919.2500-10.2500
Jul 20928.7500-9.2500
Soy meal ($/st)
Oct 19291.1000-1.4000
Dec 19295.0000-1.4000
Jan 20296.7000-1.4000
Mar 20299.9000-1.5000
May 20304.0000-1.6000
Soy oil (¢/lb)
Oct 1929.2800-0.5400
Dec 1929.4000-0.5700
Jan 2029.6400-0.5700
Mar 2029.9300-0.5700
May 2030.2300-0.5500

9/20/2019

Physical (€/t)
Durum wheat delivered Port la Nouvelle Spot - July 2019 basis230.00+0.00
Wheat delivered Rouen - July 2019 basis163.00+0.00
Corn delivered Bordeaux Spot - July 2019 basis161.00-0.50
Corn FOB Rhin Spot - July 2019 basis158.00+0.00
Feed barley delivered Rouen - July 2019 basis151.00+1.00
Malting barley FOB Creil Spot - July 2019 basis158.00+0.00
Rapessed FOB Moselle Spot - Flat - 2019 harvest387.00+2.00
Sunseed delivered St Nazaire Spot - Flat - 2019 harvest325.00+0.00
Feed peas FOB Creil Spot - August 2019 basis192.00+0.00
Analysis 20/09/2019

European market

The week will be marked by the return of buyers on the international scene where many tenders have been launched (Egypt, Algeria, Tunisia...) and this especially in soft wheat. The return of this demand provides support for prices after a decline during the month of September.

The decisions expected from the Moroccan authorities were formalized yesterday. From October 1st, the import duty on milling wheat will pass from 135% to 35%. Local operators are facing a sharp drop in local production and the import need will be important. Morocco’s state grains agency ONICL has also launched two tenders under the preferential tariff quotas for European and American origins. These quotas affect the milling wheat but also the durum wheat. French exporters will be very active on this demand because of attractive price levels vs the Ukrainian origins. So the operators could see the possible shipments departing from France at the end of September.

On Euronext, cereal prices are in the stabilization phase after the recent rebound observed for 10 days. Production prospects in the southern hemisphere and late harvests in the USA and Canada are raising concerns among operators so far reassured by supplies in the Black Sea and Europe.

As for oilseeds, the firmness of veg oil prices in Europe provides support for oilseeds. The rapeseed, which was decreasing since the recent highs, showed a rebound yesterday after the test of the first support level.

American market

Yesterday the USDA posted weekly export sales. The figures show an increase in corn activity with 1.46 Mt and in soybeans with 1.72 Mt sold. The rise in prices for these two products seems to have pushed buyers to reposition themselves after consecutive weeks of decline. In addition, ongoing exchanges between China and the USA are still supporting the market. The trade dispute has been in place for more than a year now and the Chinese delegation will come to the USA this weekend to continue negotiations and to visit agricultural production areas next week.

In wheat, export figures disappoint with only 286,000 t of sales this week. A call for tenders under Morocco's preferential tariff import quotas for the USA is now open. The US exporters will be very attentive to the volumes purchased by Morocco from Europe who also benefit from a similar program.

Black Sea market

In Ukraine, as of September 18, according to the country's Ministry of Agriculture, 6,994 Mt of wheat were exported since the start of the 2019/20 campaign. This is 2.8 Mt more than last year at the same date. At that date, all grain shipments amounted to 11.5 Mt (vs. 7.47 Mt in 2018). Barley exports amounted to 2.57 Mt (+ 785,000 t vs. last year). Corn shipments reached 1.9 Mt, an increase of 546,000 t from vs 2018/19.

Remember that the country must maintain a sustained pace of exports in order to sell a significant volume of production this year. In this regard, the Ukrainian railway company plans, from the end of September, to put into operation a new program for the shipment of goods, particularly grain. This program must improve the logistics efficiency of the country and make visible cargo train schedules. Thus, each customer will be able to see the goods, the quantities and the days of the shipment from a given station, and plan his logistics accordingly.

Live news

Morocco will reduce its import duty on wheat of American and European origins

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