Pre-opening 11/12/2017
Paris Chicago
Wheatunch. to -1 €- 2 cents
Cornunch. to -1 €- 1 cents
Rapeseedunch. to -1 €
Soybean- 4 cents
Indexes 11/12/2017
€/$1.1796 $
Oil WTI57.36 $/b

Wheat (€/t)
Mar 18160.75-0.75
May 18164.25-0.50
Sep 18167.50-0.75
Dec 18170.75-0.50
Mar 19174.00-0.75
Corn (€/t)
Jan 18153.25-0.75
Mar 18158.25-0.50
Jun 18164.00-0.25
Aug 18167.00-0.25
Nov 18164.25-1.25
Rapeseed (€/t)
Feb 18362.50-2.25
May 18365.50-1.75
Aug 18356.75-1.50
Nov 18360.50-1.75
Feb 19362.50-1.50
Nitrogen solution (€/t)
Mar 18165.50+0.00
Jun 18152.00+0.00
Sep 18151.00+0.00
Nov 18153.50+0.00
Mar 19163.00+0.00

11/12/2017

Wheat (€/t) : 1390 lots
LotsTypeStrikePrime
1Call Mar 181623.10 - 3.29
2Call May 181635.69
120Call May 181801.02
6Call May 182040.19
40Call Sep 181687.50 - 7.56
120Call Dec 181854.19
6Call May 191954.70
800Put Mar 181603.23
3Put May 181602.92
126Put May 181644.68
40Put Sep 181604.00
120Put Dec 181708.35
6Put May 1918013.60
Corn (€/t) : 100 lots
LotsTypeStrikePrime
50Call Nov 181802.39
50Put Nov 181605.47
Rapeseed (€/t) : 806 lots
LotsTypeStrikePrime
740Call Feb 183900.35
2Call May 1836510.00
2Call May 183755.70
30Call Nov 183807.29
2Call Nov 184202.00
30Put Nov 1836014.12

Wheat EU (€/t)
Dec 17156.7500-0.2500
Mar 18164.7500+0.2500
May 18167.5000-0.5000
Sep 18166.7500-0.5000
Dec 18170.7500-0.5000
Wheat (¢/b)
Dec 17392.0000-4.2500
Mar 18419.0000-0.5000
May 18432.2500-0.5000
Jul 18445.7500-0.5000
Sep 18459.7500+0.5000
Corn (¢/b)
Dec 17340.0000-0.5000
Mar 18352.7500+0.2500
May 18361.0000+0.5000
Jul 18369.2500+0.2500
Sep 18376.5000+0.5000
Soybean (¢/b)
Jan 18989.7500+3.0000
Mar 181001.5000+3.2500
May 181012.2500+3.2500
Jul 181021.0000+3.0000
Aug 181022.0000-6.2500
Soy meal ($/st)
Dec 17330.0000-4.0000
Jan 18331.7000+0.4000
Mar 18335.7000+0.4000
May 18337.7000+0.4000
Jul 18339.7000+0.1000
Soy oil (¢/lb)
Dec 1733.5400-0.1400
Jan 1833.6200+0.1500
Mar 1833.7900+0.1500
May 1833.9300+0.1400
Jul 1834.0900+0.1300

11/12/2017

Physical (€/t)
Durum wheat delivered Port la Nouvelle Spot - July 2017 basis225.00+0.00
Wheat delivered Rouen - July 2017 basis154.00+2.00
Corn delivered Bordeaux Spot - July 2017 basis152.00+2.00
Corn FOB Rhin Spot - July 2017 basis159.00+0.50
Feed barley delivered Rouen - July 2017 basis147.00+2.00
Malting barley FOB Creil Spot - July 2017 basis198.00+0.00
Rapessed FOB Moselle Spot - Flat - 2017 harvest365.00-1.00
Sunseed delivered St Nazaire Spot - Flat - 2017 harvest325.00+0.00
Feed peas FOB Creil Spot - August 2017 basis180.00+0.00
Analysis 11/12/2017

European market

Respite for markets on Friday in a context that remains globally bearish for all agricultural commodities.

The upward revisions by StatsCan last week on all productions in Canada combined with perspectives of new rainfalls in Argentina for coming days were pressuring markets early this week.  

Markets should narrow more and more with the approach of the end of the year.

On the international scene, the USA sold 268 000 t of soybean to China. South Korea bought 61 000 t of corn from optional origins.

Sovecon (which will be attending the Paris Grain Day 2018) revised up its wheat production estimation for 2017 in Russia at 84.2 Mt and displays a first estimation for next year at 76.7 Mt. For the moment, climatic conditions in the black Sea area are satisfying.

The increase of palmoil stocks in Malaysia combined with an increase of production and a decrease of exports is weighing on the oil market. This situation combined with a decrease of soybean and crude oil prices are therefore pressuring rapeseed prices.

The dollar is staying firm to start the week with a likely interest rate hike from the FED on Wednesday.

American market

Wheat prices are reaching new lows in Chicago for the year in a context that remains heavy for this product and because of an intense competition on the international stage.

Soybean, which displayed a certain firmness these past weeks, lost ground returning under the 10 $/bu threshold caused by better climatic conditions on the South-American continent.

AgRural is displaying a production estimation in soybean for Brazil at 112.9 Mt against 110.2 seen in the previous estimation.

On Friday, funds were net buyers in 3 500 lots of corn. They were net sellers in 5 000 lots of soybean and 3 000 lots of wheat.

Black Sea market

Without consultation of professionals, the Ukrainian Parliament has decided that from the 1st of March 2018,the VAT on oilseed exports will be removed. Rapeseed is almost completely destined to be exported and so is soybean as half of the volume is destined to international markets. These two commodities could be the most penalized by the decrease of domestic prices which could reach – 20 % especially for rapeseed. Sunflower seed, crushed locally, should not register the same price decrease. Main crushers of the country have pushed this legislation since with the rumour  they are not covered for coming months… The discontent of producers and their representatives could encourage the Rada to reconsider its decision in coming days…

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