Pre-opening 27/02/2020
Paris Chicago
Wheat-1€/t-4 cents
Corn-1€/t-2 cents
Rapeseedunch to -1€/t
Soybean-5 cents
Indexes 27/02/2020
€/$1.0964 $
Oil WTI47.09 $/b

Wheat (€/t)
Mar 20191.50-1.00
May 20187.00-2.00
Sep 20180.75-1.50
Dec 20183.50-1.50
Mar 21185.75-2.00
Corn (€/t)
Mar 20167.50-2.25
Jun 20169.50-1.25
Aug 20173.75-0.75
Nov 20169.50-0.50
Jan 21172.75+0.00
Rapeseed (€/t)
May 20387.25-4.75
Aug 20377.50-3.25
Nov 20380.25-3.00
Feb 21381.00-3.25
May 21381.75-3.25
Nitrogen solution (€/t)
Jun 20177.50+0.00
Sep 20177.50+0.00
Nov 20177.50+0.00
Mar 21177.50+0.00
Jun 21177.50+0.00

27/02/2020

Wheat (€/t) : 3222 lots
LotsTypeStrikePrime
300Call May 201902.67
300Call May 201922.06
200Call May 201931.82
300Call May 201951.40
100Call Dec 202062.90
600Put May 201780.78
222Put May 201852.90 - 3.00
600Put May 201863.35
100Put Sep 201601.00
500Put Sep 201807.00
Corn (€/t) : 0 lots
LotsTypeStrikePrime
Rapeseed (€/t) : 630 lots
LotsTypeStrikePrime
290Call May 203904.30
50Call May 204200.40
1Call Aug 20387.55.00
1Call Nov 20387.57.50
38Call Nov 204005.00
200Put Nov 203500.70
50Put Nov 203705.47

Wheat (¢/b)
Mar 20529.2500-1.5000
May 20527.5000-4.0000
Jul 20529.0000-5.2500
Sep 20536.0000-5.5000
Dec 20546.2500-5.5000
Corn (¢/b)
Mar 20364.5000+0.0000
May 20368.0000-0.5000
Jul 20372.5000-1.0000
Sep 20372.7500-1.2500
Dec 20377.5000-1.2500
Soybean (¢/b)
Mar 20886.2500-6.0000
May 20895.0000-8.5000
Jul 20904.7500-8.2500
Aug 20908.2500-8.0000
Sep 20908.5000-7.5000
Soy meal ($/st)
Mar 20296.9000-0.9000
May 20303.6000-1.1000
Jul 20307.9000-1.0000
Aug 20309.2000-1.1000
Sep 20310.0000-1.3000
Soy oil (¢/lb)
Mar 2028.8300-0.3800
May 2029.1900-0.4400
Jul 2029.5600-0.4200
Aug 2029.7200-0.4300
Sep 2029.8900-0.4100

28/02/2020

Physical (€/t)
Durum wheat delivered Port la Nouvelle Spot - July 2019 basis260.00+0.00
Wheat delivered Rouen - July 2019 basis185.00-1.00
Corn delivered Bordeaux Spot - July 2019 basis164.00-1.00
Corn FOB Rhin Spot - July 2019 basis168.00+0.00
Feed barley delivered Rouen - July 2019 basis155.00-2.00
Malting barley FOB Creil Spot - July 2019 basis161.00+0.00
Rapessed FOB Moselle Spot - Flat - 2019 harvest391.00-4.00
Sunseed delivered St Nazaire Spot - Flat - 2019 harvest345.00-5.00
Feed peas FOB Creil Spot - August 2019 basis210.00+0.00
Analysis 27/02/2020

European market

Markets continue to be uncertain about the consequences of the coronavirus epidemic. The appearance of new cases in France raises fears and could have repercussions on economic activity. The fall in world demand is nevertheless opposed to the fact that Argentina has decided to temporarily suspend its exports, a probable prelude to a further increase in its taxes. It must be said that Argentina’s financial situation is most worrying, close to default.

On the international scene, South Korea was again buying corn, probably of South American origin, and 85,000 t of milling wheat, of US origin.

Despite economic uncertainties, the funds continue to hold long wheat positions on Euronext, estimated at 97,515 lots on February 21, compared to 83,653 lots the previous week. This illustrates the ambiguity of the current markets, with, on the one hand, a sustained export activity for the French origin, and on the other, economic growth revised down, in particular by the Bank of France.

The rapeseed found some support yesterday in the palm and canola, a consequence of the lower competitiveness from Argentina following the possible suspension of its exports.

The euro was up against the dollar this morning at 1.0910 due to a drop in Fed rates across the Atlantic anticipated by the traders.

American market

Slight rebound in soybean prices was registered yesterday as a result of Argentina’s decision to temporarily suspend exports.

Wheat and corn evolved little. Wheat finds support in the long position held by the funds, while corn is penalized by prospects of an increase in areas to come for the next season. However, the corn exports were above expectations last week, which will have to be confirmed this evening.

The funds were net buyers yesterday for 5,500 lots of soybeans, but net sellers of wheat for 3,500 lots and corn for 9,500 lots.

In Brazil, the soybean harvest will soon come to weigh on the markets, with production expected around 125 Mt. 

Black Sea market

Since the start of the 2019/20 campaign to February 26, according to data from the country's ministry, Ukraine has exported 40.1 Mt of grain, + 7.6 Mt more than last year and 75% of the target. As a reminder, according to the ministry, the 2019 harvest reached 75 Mt, 54 Mt of which are intended for export (vs 49.7 Mt the previous season).

However, in February, the pace of shipments started to slow down compared to the previous months. From February 1 to 26, only 2.8 Mt of corn (vs 3.7 Mt in 2019) and 0.6 Mt of wheat (vs 1.0 Mt in 2019) were exported. This drop is due, on the one hand, to the absence of Chinese boats and, on the other hand, to a general drop in demand. 

Live news

Argentina decides to temporarily suspend exports

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