Pre-opening 06/04/2020
Paris Chicago
Wheatunch+ 6 cents
Cornunch- 2 cents
Rapeseedunch
Soybean- 1 cent
Indexes 03/04/2020
€/$1.0785 $
Oil WTI28.34 $/b

Wheat (€/t)
May 20191.00+3.00
Sep 20185.00+2.25
Dec 20187.50+2.00
Mar 21189.25+1.75
May 21189.25+2.25
Corn (€/t)
Jun 20165.50+0.75
Aug 20168.50+0.50
Nov 20168.00+1.00
Jan 21171.75+0.00
Mar 21173.50-0.25
Rapeseed (€/t)
May 20363.75+4.25
Aug 20366.50+2.75
Nov 20370.75+2.00
Feb 21373.75+1.25
May 21374.50+0.50
Nitrogen solution (€/t)
Jun 20155.00+0.00
Sep 20155.00+0.00
Nov 20155.00+0.00
Mar 21155.00+0.00
Jun 21155.00+0.00

03/04/2020

Wheat (€/t) : 2488 lots
LotsTypeStrikePrime
800Call May 202001.00
1Call Dec 2018312.20
75Call Dec 201909.42 - 9.66
150Call Dec 201996.74 - 6.91
1000Call Dec 202006.65
75Call Dec 202055.43
150Put May 201810.22
150Put Sep 201816.55
75Put Dec 201754.13 - 4.33
4Put Dec 201806.25 - 6.49
3Put Mar 211858.57
5Put Mar 2119012.00
Corn (€/t) : 100 lots
LotsTypeStrikePrime
50Call Mar 211902.91
50Put Mar 211706.20
Rapeseed (€/t) : 287 lots
LotsTypeStrikePrime
100Call May 203701.50
25Call Aug 203709.06
25Call Nov 2036515.41
2Call Nov 20367.514.23
25Call Nov 203809.52
30Call Nov 204005.47
25Put Aug 203503.41
25Put Nov 203503.93
30Put Nov 203659.66

Wheat (¢/b)
May 20549.2500+6.5000
Jul 20545.0000+4.5000
Sep 20547.0000+4.2500
Dec 20554.2500+3.7500
Mar 21560.0000+3.2500
Corn (¢/b)
May 20330.7500-4.5000
Jul 20336.7500-4.7500
Sep 20342.2500-4.7500
Dec 20350.7500-4.0000
Mar 21362.0000-3.7500
Soybean (¢/b)
May 20854.2500+1.0000
Jul 20859.5000+1.2500
Aug 20862.0000+1.5000
Sep 20860.5000+1.5000
Nov 20861.5000+2.7500
Soy meal ($/st)
May 20303.2000-5.8000
Jul 20303.3000-3.6000
Aug 20302.4000-2.6000
Sep 20302.7000-2.0000
Oct 20302.1000-1.7000
Soy oil (¢/lb)
May 2026.4300+0.4500
Jul 2026.7500+0.4500
Aug 2026.9100+0.4500
Sep 2027.0700+0.4400
Oct 2027.2300+0.3600

06/04/2020

Physical (€/t)
Durum wheat delivered Port la Nouvelle Spot - July 2019 basis270.00+0.00
Wheat delivered Rouen - July 2019 basis188.00+0.00
Corn delivered Bordeaux Spot - July 2019 basis161.00+0.00
Corn FOB Rhin Spot - July 2019 basis164.00-1.00
Feed barley delivered Rouen - July 2019 basis153.00-1.00
Malting barley FOB Creil Spot - July 2019 basis148.00+0.00
Rapessed FOB Moselle Spot - Flat - 2019 harvest366.50+1.50
Sunseed delivered St Nazaire Spot - Flat - 2019 harvest335.00+0.00
Feed peas FOB Creil Spot - August 2019 basis215.00+0.00
Analysis 06/04/2020

European market

No doubt that the coming week will be again dominated by the coronavirus epidemic. USA will experience a sharp acceleration in the number of deaths and traders will monitor the job market weekly conditions on Thursday. Last week, 6.6 million people lost their job. The meeting of main crude oil producers has been postponed to Thursday and the US could join the discussions. The oil in NY is retreating this morning at 27.20 $/b. The Eurodollar is close to Friday’s level at 1.0820.

On the international stage, USA sold 56 700 t of corn to China. The most marking element on the international market has been the Algerian wheat tender for July shipment (new crop). Algeria asked for prices 15 $/t below offers, suggesting that the country could open soon its market to Black Sea origins. French operators will closely monitor the evolution of the situation. As a reminder, France is the main wheat provider of Algeria.

FranceAgrimer has slightly cut its crop rating in wheat. The French body considers now that 62% of the crops are in good to excellent conditions vs. 63% last week and 84% last year. Winter barley is seen at 63% of good to excellent vs. 62%. Spring barley is now seeded thanks to dry conditions in last few days.

Wheat prices ended the week on a positive note last Friday on Euronext. Same trend for the rapeseed, the canola dropped after that Chinese authorities denied having re-allowed Canadian imports. The palm oil is back to its lowest levels to start the week.

In coming days, the evolution of weather conditions in Black Sea will have to be closely monitored due to a persisting hydric deficit in the region.

American market

The wheat has been the only commodity recording some gains last Friday in Chicago, but the cereal retreated by -4% on the week. The corn has been the most affected commodity with a drop of -4.4% due to the ethanol sector crisis and comfortable plantings outlook for the next season. The soybean declined by -3.1%.

Last Friday, funds were net sellers in 10 000 lots of corn, 6 000 lots of soybean. They were net buyers in 5 500 lots of wheat.

COVID-19 has not yet reached its peak in the US and goods’ flows will probably continue to experience disruptions in the next couple of weeks. The persisting strength of the dollar is penalizing the competitiveness of US origins especially versus those from South America. The Brazilian real is deepening its losses vs. the greenback.

Black Sea market

The evolution of weather conditions in the next couple of weeks is becoming a matter of concern both for producers and international traders. Indeed, if rains are missing during this period, it could significantly affect the potential of winter crops. In this context, producers will monitor the level of precipitations announced by the end of this week. They should be rather limited, but they will help to improve the soil moisture after one month of dryness. Rains will be crucial to facilitate corn and sunflower sowing works.

Live news

Algeria made no purchase in its last wheat tender

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