Pre-opening 06/12/2019
Paris Chicago
Wheatunch to - 0.50€/t+1 cent
Cornunch+1 cent
Rapeseed+1€/t
Soybean+2 cents
Indexes 06/12/2019
€/$1.1094 $
Oil WTI59.2 $/b

Wheat (€/t)
Dec 19185.75+1.25
Mar 20183.25+0.25
May 20183.75+0.25
Sep 20179.50+0.50
Dec 20183.00+0.50
Corn (€/t)
Jan 20164.75+0.00
Mar 20168.50+0.00
Jun 20174.25+0.25
Aug 20178.50+0.25
Nov 20172.00-0.25
Rapeseed (€/t)
Feb 20397.00+2.50
May 20391.50+1.50
Aug 20377.75+2.00
Nov 20380.75+2.00
Feb 21382.00+2.00
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

12/6/2019

Wheat (€/t) : 79 lots
LotsTypeStrikePrime
2Call Mar 201833.80
1Call May 201759.80
5Call Sep 202002.50
70Call Sep 202200.90
1Call Dec 201838.80
Corn (€/t) : 0 lots
LotsTypeStrikePrime
Rapeseed (€/t) : 266 lots
LotsTypeStrikePrime
6Call Feb 2038014.80 - 17.20
101Call Feb 2038512.00
108Call May 2037020.50
50Call May 204004.50
1Call Nov 204005.00

Wheat (¢/b)
Dec 19532.5000+0.7500
Mar 20524.5000-1.5000
May 20527.7500-1.2500
Jul 20530.0000-0.7500
Sep 20536.2500-0.7500
Corn (¢/b)
Dec 19366.5000+1.0000
Mar 20376.7500+0.2500
May 20382.5000+0.0000
Jul 20386.7500+0.0000
Sep 20386.7500-0.2500
Soybean (¢/b)
Jan 20889.5000+2.7500
Mar 20903.7500+3.5000
May 20918.2500+3.5000
Jul 20931.5000+2.5000
Aug 20935.7500+3.5000
Soy meal ($/st)
Dec 19297.4000-2.1000
Jan 20299.3000+0.8000
Mar 20302.5000+1.2000
May 20305.5000+1.2000
Jul 20308.4000+1.1000
Soy oil (¢/lb)
Dec 1931.0100+0.7200
Jan 2031.2200+0.1400
Mar 2031.5000+0.1200
May 2031.8200+0.1300
Jul 2032.1300+0.1200

12/9/2019

Physical (€/t)
Durum wheat delivered Port la Nouvelle Spot - July 2019 basis250.00+0.00
Wheat delivered Rouen - July 2019 basis179.00+0.00
Corn delivered Bordeaux Spot - July 2019 basis164.00+0.00
Corn FOB Rhin Spot - July 2019 basis166.00+0.00
Feed barley delivered Rouen - July 2019 basis163.00+0.00
Malting barley FOB Creil Spot - July 2019 basis162.00+0.00
Rapessed FOB Moselle Spot - Flat - 2019 harvest404.00+2.00
Sunseed delivered St Nazaire Spot - Flat - 2019 harvest340.00+3.00
Feed peas FOB Creil Spot - August 2019 basis200.00+0.00
Analysis 06/12/2019

European market

Wheat prices are falling, in a context of strong competitiveness of the Black Sea origins coupled with the arrival of Argentinian origins. In Argentina, 46% of the wheat area is harvested to date. From the side of the technical analysis, after testing the resistance areas, the market could aim to fill a gap left open around 181 €/t on the March 2020 deadline.

On the international scene, Algeria bought about 500 000 t of wheat for February shipments, except for the South American origins which will have to be shipped during January. Prices are expected to be around 228 $/CIF or about 4 $ more than in the last call for tender on 21 November. Yesterday the USA sold 245 000 t of soybeans for the non-communicated destination.

The corn exports from Ukraine on the international scene are very strong; so the prices in France have not changed much.

The rapeseed displays the best performance of the last days, breaking zones of resistance. The veg oil market is supported by the palm that continues to increase. Canola prices were also growing while the Statcan report will be released today.

The euro is strengthening slightly this morning at 1.1100 against the dollar.

American market

Cereal prices were down yesterday in Chicago, due to disappointing weekly export figures, resulting from severe competition from the Black Sea origins on the international scene.

Thus the wheat exports appear this week at 228,100 tons vs expectations between 300 and 700 000 t. Corn exports are posted this week at 548 500 tons vs expectations between 500 and 900 000 t. Soybean exports are at 683,800 t, on the low end of expectations.

Soybean prices nevertheless played well, thanks to the firmness of veg oils on the international scene.

The saga of negotiations between China and the USA continues with Donald Trump sending, as usual, contradictory signals.

The funds were net sellers yesterday for 3,000 lots of wheat and 4,000 lots of corn. They were net buyers for 9,000 lots of soybeans. 

Black Sea market

Harvesting ends in Russia, with 27.5 Mha harvested for wheat, with the production of 77.9 Mt in gross weight according to the Ministry, or between 75.5 Mt and 76 Mt net weight. Barley is also finished with 8.5 Mha harvested and a very large production of 21.6 Mt which will probably leave higher end-of-season stocks as the demand for barley is down.

As for spring crops, corn is almost finished with 14.4 Mt harvested, a level well above last year (11.1 to date in 2018). In sunflower, it is the absolute record for the country which will probably finish on production around 15 Mt, very close to the Ukrainians.

In the coming season, winter wheat acreage is set for a new record in Russia, which should offset the decline in the European area.

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