Pre-opening 24/11/2020
Paris Chicago
Wheatunch -1 cent
Cornunch-5 cents
Soybean-5 cents
Indexes 24/11/2020
€/$1.1865 $
Oil WTI43.06 $/b

Wheat (€/t)
Dec 20212.75+1.25
Mar 21211.75+1.50
May 21209.25+0.75
Sep 21193.00+0.50
Dec 21194.25+0.50
Corn (€/t)
Jan 21196.00+0.25
Mar 21195.50+0.00
Jun 21196.00+0.50
Aug 21197.25+0.25
Nov 21183.25+0.25
Rapeseed (€/t)
Feb 21411.75-3.75
May 21407.00-4.00
Aug 21393.00-2.00
Nov 21393.75-2.25
Feb 22393.50-1.75


Wheat (€/t) : 1618 lots
100Call Mar 21194.00
100Call Mar 21204.00
6Call Mar 21210.00
200Call Mar 21215.00
5Call Mar 21220.00
200Call Mar 21225.00
4Call Mar 21230.00
300Call May 21195.00
300Call May 21205.00
40Call May 21210.00
10Call May 21220.00
250Call Sep 21200.00
50Call Sep 21205.00
2Put Mar 21205.00
1Put May 21207.00
50Put Sep 21186.00
Corn (€/t) : 150 lots
50Call Mar 21200.00
50Call Jun 21196.00
50Put Jun 21186.00
Rapeseed (€/t) : 563 lots
1Call Feb 21375.00
100Call Feb 21400.00
150Call Feb 21420.00
30Call Feb 21450.00
2Call May 21390.00
200Put Feb 21400.00
50Put Feb 21410.00
30Put Aug 21395.00

Wheat (¢/b)
Dec 20598.7500+12.2500
Mar 21604.5000+12.7500
May 21607.0000+11.2500
Jul 21601.7500+9.7500
Sep 21604.0000+8.5000
Corn (¢/b)
Dec 20426.5000-0.7500
Mar 21433.2500-0.7500
May 21436.5000-1.0000
Jul 21436.2500+0.2500
Sep 21414.0000+1.0000
Soybean (¢/b)
Jan 211191.5000+2.5000
Mar 211192.5000+3.5000
May 211191.0000+3.5000
Jul 211186.2500+4.0000
Aug 211165.0000+2.5000
Soy meal ($/st)
Dec 20394.9000+4.6000
Jan 21393.0000+4.7000
Mar 21392.8000+3.5000
May 21390.0000+3.1000
Jul 21388.1000+2.8000
Soy oil (¢/lb)
Dec 2038.5500-0.2600
Jan 2138.3400-0.3700
Mar 2138.2100-0.3300
May 2138.0100-0.2100
Jul 2137.7300-0.0400


Physical (€/t)
Durum wheat delivered La Pallice Spot - July 2020 basis275.00+0.00
Wheat delivered Rouen - July 2020 basis209.00+0.00
Corn delivered Bordeaux Spot - July 2020 basis199.00+2.00
Corn FOB Rhin Spot - July 2020 basis207.00+3.00
Feed barley delivered Rouen - July 2020 basis198.00-1.00
Malting barley FOB Creil Spot - July 2020 basis208.00+1.00
Rapessed FOB Moselle Spot - Flat - 2020 harvest422.00+1.00
Standard sunseed delivered St Nazaire Spot - Flat - 2020 harvest490.00+10.00
Feed peas FOB Creil Spot - August 2020 basis245.00+0.00
Analysis 24/11/2020

European market

Markets changed little yesterday, still supported by good Chinese demand. Chinese purchases start to support the 2021 harvest, some firmness is already shown on feed barley for harvest delivery.

From an economic point of view, a certain optimism has appeared, with the announcement of several anti-covid vaccines available soon on the market. This is reflected in a rise in crude oil prices, posted at 43.50 $/b this morning in New York. The dollar reacted little to the announcement of Donald Trump's acceptance to give up his place to Joe Biden. It stands at 1.1850 against the euro and 75.90 against the ruble. 

On the international scene, a new sale of 334,000 t of corn from the USA to an undisclosed destination was announced. Pakistan confirms its purchase of 340,000 t of milling wheat from the optional origin. Tunisia is also buying durum wheat, soft wheat and feed barley.

As of 22 November, the EU, including Great Britain, had exported 9.19 Mt of wheat, down by 20% on the previous year to date, as a result of the sharp drop in production. France remains the leading European exporter with 2.37 Mt exported to date. Algeria remains the leading importer with 1.74 Mt, followed by China with 1.15 Mt of wheat to date. Corn imports into Europe stand at 6.75 Mt, of which 4.12 Mt come from Brazil.

Oilseeds continue to benefit from the firmness of vegetable oils and high crushing margins. Yesterday canola prices in Canada were at their highest level in seven years. Imports of rapeseed into Europe currently stand at 2.61 Mt against 3.21 Mt last year to date.

American market

Prices showed firmness on all products yesterday in Chicago, in a context of sustained export activity and a persistent water deficit on autumn crops. The USDA's crop rating for winter wheat was only 43% for crops estimated as « good to excellent », compared to 46% last week. The situation is most problematic in Texas with only 29% of wheats seen as « good to excellent », down by 3 points from last week.

Export figures were in line with expectations with wheat exports at 358,077 t, corn sales at 832,637 t and soybean exports at 2,009,976 t.

The funds were once again buying 12,000 lots of corn, 8,000 lots of soybeans and 4,500 lots of wheat.

Note that US markets will be closed on Thursday for Thanksgiving.

Black Sea market

In an interview with Interfax, Mykola Gorbachev, President of the Ukrainian Grain Association, comments on the execution of forward contracts, which is always difficult and critical. He believes that lawsuits for non-execution of these contracts should intensify from mid-December. He assures that the signing of a memorandum on this issue between the authorities and the exporters' and producers' associations is no longer under discussion and believes that the Ministry of Economic Development, Trade and Agriculture has simply withdrawn from the problem, adding uncertainty and turbulence to the market.

Depending on the profile of operators, interpretations of texts of contracts differ. Producers want to activate the force majeure clause following the summer drought by obtaining certificates from the Ukrainian Chamber of Commerce and Industry. Exporters reply that this clause does not release them from their contractual obligations but only suspends them for a certain period.

Live news

Sharp increase in crude oil