Pre-opening 15/11/2019
Paris Chicago
Indexes 15/11/2019
€/$1.1034 $
Oil WTI57.72 $/b

Wheat (€/t)
Dec 19177.25-0.25
Mar 20178.75-0.50
May 20180.25-0.50
Sep 20178.75-0.25
Dec 20182.25+0.00
Corn (€/t)
Jan 20164.25+0.25
Mar 20168.00+0.00
Jun 20172.50-0.25
Aug 20175.50-0.25
Nov 20171.00-0.50
Rapeseed (€/t)
Feb 20389.25+0.00
May 20386.50-0.50
Aug 20374.50+0.00
Nov 20378.00+0.50
Feb 21377.75+0.50
Nitrogen solution (€/t)
Mar 20177.50+0.00
Jun 20177.50+0.00
Sep 20177.50+0.00
Nov 20177.50+0.00
Mar 21177.50+0.00


Wheat (€/t) : 2138 lots
500Call May 201815.01
4Call May 201825.00
4Call May 201835.50
360Call May 201902.11
200Call Sep 201806.47
110Put Mar 201783.90
10Put Mar 201794.30
50Put Mar 201805.00
500Put May 201712.04
400Put Sep 201723.99
Corn (€/t) : 0 lots
Rapeseed (€/t) : 2 lots
1Call Feb 20367.521.97
1Put Nov 20377.510.57

Wheat (¢/b)
Dec 19502.7500-5.0000
Mar 20506.0000-5.0000
May 20510.7500-5.7500
Jul 20514.5000-5.2500
Sep 20522.0000-5.0000
Corn (¢/b)
Dec 19371.2500-5.0000
Mar 20380.7500-4.2500
May 20386.5000-4.5000
Jul 20392.5000-4.7500
Sep 20391.0000-3.2500
Soybean (¢/b)
Jan 20918.2500+1.2500
Mar 20930.7500+1.2500
May 20942.2500+1.0000
Jul 20952.5000+1.2500
Aug 20955.7500+2.0000
Soy meal ($/st)
Dec 19307.1000+3.9000
Jan 20309.2000+3.7000
Mar 20312.1000+3.5000
May 20314.8000+3.5000
Jul 20317.5000+3.5000
Soy oil (¢/lb)
Dec 1930.4300-0.3500
Jan 2030.6000-0.3600
Mar 2030.8700-0.3700
May 2031.1800-0.3700
Jul 2031.4900-0.3600


Physical (€/t)
Durum wheat delivered Port la Nouvelle Spot - July 2019 basis250.00+0.00
Wheat delivered Rouen - July 2019 basis174.50+0.00
Corn delivered Bordeaux Spot - July 2019 basis162.00+1.00
Corn FOB Rhin Spot - July 2019 basis165.00+0.00
Feed barley delivered Rouen - July 2019 basis159.00+0.00
Malting barley FOB Creil Spot - July 2019 basis160.00+0.00
Rapessed FOB Moselle Spot - Flat - 2019 harvest396.00+0.00
Sunseed delivered St Nazaire Spot - Flat - 2019 harvest335.00+0.00
Feed peas FOB Creil Spot - August 2019 basis195.00+0.00
Analysis 15/11/2019

European market

Wheat prices on Euronext crumbled after the result of the GASC tender that only retained Black Sea origins. 465 000 t of wheat have been purchased on following prices:

  • 120 000 t of Ukrainian wheat at 232.35 $/CIF
  • 345 000 t of Russian wheat in a range of 231.98 to 232.34 $/t CIF

French origins have been penalized by the freight differential between Black Sea and western Europe.

On a climatic point of view, heavy rains in the west part of France continue to disrupt harvest works and jeopardize last winter crops sowing. This is in Great Britain where the situation is the most at risk with less than half of surfaces planted until now.

On the international stage, beyond the Egyptian tender, we can note a sale of 129 000 t of US soybean to China and a feed barley tender from Saudi Arabia for shipments February to March.

According the Buenos Aires exchange, the wheat production in Argentina would be limited to 18.5 Mt this season, this is matching with our own prevision. As a reminder, the USDA was stuck to a prevision of 20 Mt in its last report. It is possible to see a reintroduction of export tariffs in Argentina from next spring after the recent Presidential election.

Rapeseed prices are continuing their consolidation move like the palm oil. In Canada, a cold snap is benefitting to canola prices.

American market

With little progress in the trade negotiations between USA and China, prices did not evolve a lot in Chicago yesterday.

Poultry tariffs have been cancelled by China, but this is more due to the pork crisis and the need of animal protein that has pushed meat prices to skyrocket in the country.

Helped by favorable conditions, soybean and corn harvests have gained momentum this week, reducing the outlook to see a high percentage of non-harvested areas before winter.

Yesterday, financial funds were net buyers in 2 000 lots of corn and 3 000 lots of soybean. They were net sellers in 3 000 lots of wheat.

Black Sea market

In Russia, local analysts are showing some optimism about the conditions of winter crops. Mild temperatures recorded in October and in the beginning of November have favored the emergence and the development of the crops. This type of weather could become problematic if the snow is not falling before the beginning of winter that can start at any moment with a fall of temperatures until -10°C. In some parts of the south of Russia the hydric deficit is also a bit concerning.

Until now, Russian weather forecasters are anticipating a rather mild winter. The increase in the proportion of winter crops acreage is the consequence of last years’ climatic warming in the country.

Our last production estimations for Russia and Ukraine are available in the Black Sea Highlight that has been released yesterday.

Live news

Egypt buys Russian and Ukrainian wheat