|Wheat||unch.||+ 2 cents|
|Corn||unch.||+ 1 cent|
|Soybean||+ 2 cents|
|Oil WTI||62.77 $/b|
|Nitrogen solution (€/t)|
|Wheat (€/t) : 3915 lots|
|1||Call May 18||160||5.40|
|93||Call May 18||163||4.00 - 4.50|
|9||Call May 18||164||3.00 - 3.40|
|505||Call May 18||165||2.70|
|5||Call May 18||166||2.30|
|5||Call May 18||167||2.10|
|500||Call May 18||168||2.00|
|1||Call Sep 18||167||7.50|
|16||Call Sep 18||168||7.10|
|10||Call Dec 18||171||8.80|
|100||Call Dec 18||180||5.87|
|260||Call Mar 19||174||9.37|
|500||Put May 18||158||1.26|
|500||Put May 18||160||1.99|
|500||Put May 18||163||3.36|
|180||Put May 18||167||5.78|
|10||Put Sep 18||165||5.41|
|100||Put Dec 18||160||3.50|
|100||Put Dec 18||171||8.34|
|520||Put Mar 19||167||5.47|
|Corn (€/t) : 70 lots|
|50||Call Jun 18||159||4.00|
|20||Call Jun 18||161||3.50|
|Rapeseed (€/t) : 351 lots|
|1||Call Aug 18||350||9.50|
|20||Call Aug 18||370||2.90|
|100||Call Nov 18||350||12.79|
|100||Call Nov 18||365||6.71|
|30||Put Aug 18||340||4.20|
|100||Put Nov 18||345||7.23|
|Wheat EU (€/t)|
|Soy meal ($/st)|
|Soy oil (¢/lb)|
|Durum wheat delivered Port la Nouvelle Spot - July 2017 basis||200.00||+0.00|
|Wheat delivered Rouen - July 2017 basis||156.50||+0.50|
|Corn delivered Bordeaux Spot - July 2017 basis||150.00||+0.00|
|Corn FOB Rhin Spot - July 2017 basis||159.00||+0.00|
|Feed barley delivered Rouen - July 2017 basis||160.50||+0.50|
|Malting barley FOB Creil Spot - July 2017 basis||189.00||+0.00|
|Rapessed FOB Moselle Spot - Flat - 2017 harvest||354.00||-1.00|
|Sunseed delivered St Nazaire Spot - Flat - 2017 harvest||315.00||+0.00|
|Feed peas FOB Creil Spot - August 2017 basis||175.00||+0.00|
EAT : field trip after winter - Romania27-30 Mar
EAT : field trip after winter - Germany27-30 Mar
EAT : field trip after winter - Russia27 Mar-06 Apr
EAT : field trip after winter - Ukraine03-06 Apr
Agritel will be at the Black Sea Grain - Kiev18-19 Apr
Only few evolutions on the markets yesterday in a context of abundant global availabilities for the current campaign in all agricultural commodities.
However, the world outlook for the 2018 campaign is showing a possible reduction of stocks, resulting from a stable production in face of a rising demand.
Nevertheless, balance sheet forecasts at this time of the year are still remaining unclear since the weather forecasts beyond 10 days are not totally reliable.
According to the IGC, the world production of corn in 2017/2018 should be revised down by -6 Mt to 1.048 billion, mainly due to a downward revision of the production in the South American continent. World wheat production for this season is seen unchanged at 757 Mt.
On the other side of the Atlantic, the USDA surprisingly displayed a slight increase in US wheat acreage for the 2018 crop at 46.5 million acres compared to 46 million in 2017. For soybean and corn, the expected area is displayed at 90 million acres each.
On the international stage, Tunisia bought 75 000 t of wheat and 25 000 t of barley from optional origins. It is to note that the global balance sheet for feed barley remains very tight.
Weekly wheat exports have been displayed at 135 000 t or 13 Mt from the beginning of the campaign, compared to 16.1 Mt last year to date. In such circumstances, it is difficult to imagine that the export targets for the current campaign will not be revised down in coming weeks.
Regarding oilseeds, the drought in Argentina is allowing soybean prices to remain steady while the palmoil production was displayed above expectations. Rapeseed prices were unchanged yesterday.
Slight increase of wheat prices in Chicago yesterday, mainly caused by some buying orders from the funds.
Corn and soybean were little changed, perspectives of corn and soybean plantings for the next campaign were in line with traders’ expectations at 90 million acres for both crops.
Yesterday, funds were net buyers in 3 000 lots of wheat, 7 000 lots of corn. They were net sellers in 5 500 lots of soybean.
Bolsa de Buenos Aires is now expecting a soybean harvest of 47 Mt in Argentina, this should not allow further increase of soybean prices beyond current levels as a bumper harvest is expected in Brazil.
Black Sea market
As of February 20, Ukrainian grain exports reached 25.89 Mt according to authorities. Wheat exports reached 12.7 Mt since the start of the campaign, a pace 4% behind last year’s. Regarding barley, exports are displayed at 4 Mt or -10% compared to last year. For the corn, exports amounted to 9.1 Mt. Corn sales are also registering a significant delay of -14% in comparison to the last campaign. Therefore, the USDA target of 20 Mt for Ukrainian corn seems ambitious compared to estimates of Agritel's analysts in Kiyv.