Pre-opening 12/02/2016
Paris Chicago
Wheatunch+ 1 cent
Cornunchunch
Rapeseed+ 1 to + 2 €
Soybean+ 2 cents
Indexes 11/02/2016
€/$1.1347 $
Oil WTI26.21 $/b

Wheat (€/t)
Mar 16153.25+1.50
May 16160.25+0.50
Sep 16167.25+1.00
Dec 16171.75+1.00
Mar 17176.75+0.50
Corn (€/t)
Mar 16148.75+1.00
Jun 16157.25+0.75
Aug 16163.25+0.50
Nov 16165.50+0.25
Jan 17167.75+1.25
Rapeseed (€/t)
May 16353.50+2.25
Aug 16345.75+2.00
Nov 16349.00+1.75
Feb 17351.25+1.50
May 17353.25+2.00

11/02/2016

Wheat (€/t) : 8760 lots
LotsTypeStrikePrime
4Call May 161614.90
9Call May 161625.00
1597Call May 161653.40 - 5.50
5Call May 161663.20
100Call May 161672.80
8Call May 161682.70
6Call May 161702.10 - 2.30
200Call May 161751.50
800Call May 161760.90 - 2.90
6Call May 161830.60
5Call Sep 161688.10
3Call Sep 161755.00
509Call Sep 161764.90
4Call Sep 161794.60
500Call Sep 161862.70
15Call Sep 162001.40
1Call Dec 1617010.30
18Call Dec 1617210.00 - 10.10
72Call Dec 161739.90
3Call Dec 161749.30
44Call Dec 161758.50 - 8.60
1Call Dec 161777.70
413Call Dec 161807.00 - 7.10
2Call Dec 161855.80
4Call Mar 1717512.00
1Call Mar 1717711.00
1Call Mar 1717811.40
1Put Mar 161594.40
500Put Mar 161606.40
500Put Mar 1616511.10
5Put Mar 1617924.80
10Put Mar 1618025.60
8Put Mar 1619843.70
200Put May 161450.60
9Put May 161501.40 - 1.50
500Put May 161552.80
15Put May 161563.00
50Put May 161573.10
290Put May 161583.40
404Put May 161604.70
11Put May 161615.00
2Put May 161625.40
4Put May 1617010.90
2Put May 1617817.30
3Put May 1618019.10
5Put May 1618525.00
2Put May 1619029.00
4Put May 1619231.00
350Put Sep 161563.10
500Put Sep 161656.20
50Put Dec 161532.50
4Put Dec 161729.90
1000Put Mar 171655.10
Corn (€/t) : 7 lots
LotsTypeStrikePrime
5Put Jun 161575.00
2Put Aug 161626.30
Rapeseed (€/t) : 2004 lots
LotsTypeStrikePrime
100Call May 163604.20
50Call May 16367.53.10
251Call May 163851.40
100Call Aug 163507.70
103Call Nov 1635510.40
360Call Nov 163706.80
100Put May 163352.10
90Put May 163403.40
100Put May 163454.90
100Put May 163507.50
50Put May 16352.57.70
350Put Nov 163255.60
250Put Feb 173306.40

Wheat (¢/b)
Mar 16458.2500-0.5000
May 16463.5000+0.0000
Jul 16468.7500-0.5000
Sep 16478.0000-1.0000
Dec 16493.0000-2.0000
Corn (¢/b)
Mar 16360.2500-1.2500
May 16365.0000-1.0000
Jul 16369.7500-0.7500
Sep 16374.5000-0.5000
Dec 16382.7500-0.5000
Soybean (¢/b)
Mar 16873.5000-0.7500
May 16877.7500-1.5000
Jul 16883.0000-1.0000
Aug 16884.7500-1.7500
Sep 16885.0000-2.0000
Soy meal ($/st)
Mar 16263.7000-1.5000
May 16266.1000-1.8000
Jul 16268.7000-2.0000
Aug 16269.9000-2.2000
Sep 16271.3000-2.1000
Soy oil (¢/lb)
Mar 1631.5900+0.2700
May 1631.8100+0.2700
Jul 1632.0400+0.2500
Aug 1632.1000+0.2200
Sep 1632.1500+0.2200

12/02/2016

Physical (€/t)
Durum245.00-10.00
Wheat Delivered Rouen144.00+1.00
Corn Fob Bordeaux144.00+0.00
Corn Fob Rhin152.00+0.00
Feed barley Delivered Rouen138.00+1.00
Malting barley Fob Creil168.00-2.00
Rapessed Fob Moselle356.00+0.00
Sunseed Delivered St Nazaire380.00+0.00
Feed peas Fob Creil190.00+0.00
Analysis 12/02/2016

European market

Financial markets plunged yesterday again due to fall of crude oil, slowdown of Chinese economy and risks implied by the weakness of European banking sector.

Raw material showed some relative steadiness this week despite of the crash of equities and that could be the beginning of a slight decorrelation between financial and commodities markets.

Egypt has launched a new wheat tender, still in a context of confusion about qualitative demand  that could scare international operators. The boat of French wheat chartered by Bunge for last December delivery is still waiting for unloading in Egypt, divergences are persisting between GASC demands and the Agricultural Minister.

This week, Brussels granted 589 000 t of wheat export certificates taking the total for the season to 16.2 Mt. Export certificates for barley reached 103 000 t for a total of 6.4 Mt since beginning of the campaign. On corn, import certificates amounted to 182 000 t taking the total to 8.9 Mt.

Corn is still penalized by the competition of other feed cereals and by bearish trend observed in Chicago.

On rapeseed, market rebounded just before closing after a bearish session due to fall of crude oil prices. Steadiness of soybean, due to US good export data offered some late support to rapeseed, along with palm oil and canola.

American market

Steadiness of soybean last night on CBOT, with firm export numbers at 601 000 t while the market was only expecting between 300 000 t to 600 000 t. On the other way round, corn exports were disappointing with only 346 100 t vs expectations of 800 000 t to 1.1 Mt. On wheat, activity is still very weak.

Corn was penalized as well by the upward trend of ethanol’s stocks, consequence of subdued demand and decline of oil prices.

Funds were net sellers of 4 000 lots of wheat, neutral on corn and net buyers of 9 000 lots of soybean.

Return of Chinese operators next week after New Year holidays, could offer some support to the market. However, arrival of South American harvest should reduce bullish potential.

Black Sea market

Slide of the grivna vs dollar has recently increased and the Ukrainian currency broke for the first time ever the level of 26 against USD. Since the start of the year, the devaluation reached nearly 10% and statement is the same versus euro with a level of 29.2 quoted by the NBU (Ukrainian central bank). As a reminder, official exchange rate is below interbank market used by private banks. Furthermore, recent political events, with the resignation of the Minister of Economy, Mr Aivaras Abramovicius, to protest against perception of insider influence, are destabilizing the political system. Mr Arseni Iatseniouk, the Prime Minister, conditioned continuing in office to a deep reform of the political system.  The IMF as well is asking for the implementation of reforms promised in May 2015 by Mr Petro Poroshenko. To date, IMF has already paid 6. 7 billion of dollars out of a potential of 17.5 billion. Worries expressed by Mrs Lagarde have been confirmed by the World Bank just after. Ukraine is again in a tough situation.

Live news

Plunge of stock markets. Resilience of raw materials.