Pre-opening 21/10/2020
Paris Chicago
Wheat+1€/t +3 cents
Corn+1€/t+2 cents
Rapeseed+1€/t to +2€/t
Soybean+7 cents
Indexes 21/10/2020
€/$1.1852 $
Oil WTI41.46 $/b

Wheat (€/t)
Dec 20211.25+0.00
Mar 21209.75+0.25
May 21208.00+0.50
Sep 21192.00-0.25
Dec 21194.25+0.00
Corn (€/t)
Nov 20190.75+2.00
Jan 21188.50+0.75
Mar 21189.50+0.50
Jun 21190.00+0.00
Aug 21192.00+0.00
Rapeseed (€/t)
Nov 20395.00+4.00
Feb 21398.00+4.75
May 21397.50+4.25
Aug 21386.00+3.00
Nov 21387.50+1.75

21/10/2020

Wheat (€/t) : 9463 lots
LotsTypeStrike
8Call Dec 20185.00
601Call Dec 20190.00
50Call Dec 20191.00
2Call Dec 20195.00
50Call Dec 20201.00
600Call Dec 20202.00
600Call Dec 20210.00
6Call Dec 20211.00
3Call Dec 20215.00
4Call Dec 20216.00
1300Call Dec 20220.00
300Call Dec 20230.00
2Call Mar 21187.00
100Call Mar 21197.00
4Call Mar 21200.00
1400Call Mar 21210.00
1301Call Mar 21215.00
500Call Mar 21218.00
900Call Mar 21220.00
400Call Mar 21222.00
3Call May 21189.00
10Call May 21190.00
101Call May 21210.00
27Call May 21220.00
100Call May 21225.00
300Call Sep 21220.00
4Put Dec 20210.00
40Put Dec 20215.00
75Put Mar 21178.00
400Put Mar 21195.00
150Put May 21195.00
25Put May 21200.00
50Put May 21205.00
27Put May 21208.00
20Put Sep 21190.00
Corn (€/t) : 1501 lots
LotsTypeStrike
3Call Jan 21190.00
50Call Mar 21200.00
28Call Jun 21198.00
100Call Nov 21185.00
600Put Mar 21179.00
600Put Mar 21186.00
10Put Mar 21188.00
10Put Mar 21190.00
100Put Nov 21170.00
Rapeseed (€/t) : 772 lots
LotsTypeStrike
340Call Feb 21400.00
200Call Feb 21410.00
30Call May 21380.00
2Call May 21392.50
100Call May 21400.00
100Call May 21415.00

Wheat (¢/b)
Dec 20632.0000-2.7500
Mar 21632.0000-1.5000
May 21630.5000-1.0000
Jul 21618.5000+1.5000
Sep 21620.0000+1.5000
Corn (¢/b)
Dec 20408.7500+5.2500
Mar 21413.2500+3.2500
May 21415.5000+2.5000
Jul 21415.5000+2.2500
Sep 21400.2500+1.0000
Soybean (¢/b)
Nov 201064.0000+7.7500
Jan 211063.7500+7.7500
Mar 211053.0000+5.5000
May 211048.7500+5.5000
Jul 211049.7500+5.2500
Soy meal ($/st)
Dec 20371.9000+7.2000
Jan 21366.6000+6.7000
Mar 21359.0000+5.1000
May 21352.8000+4.2000
Jul 21350.8000+3.5000
Soy oil (¢/lb)
Dec 2033.3100-0.1100
Jan 2133.3100-0.1700
Mar 2133.3000-0.2400
May 2133.3100-0.2500
Jul 2133.3400-0.2900

21/10/2020

Physical (€/t)
Durum wheat delivered La Pallice Spot - July 2020 basis270.00+0.00
Wheat delivered Rouen - July 2020 basis209.00+0.00
Corn delivered Bordeaux Spot - July 2020 basis192.00+1.00
Corn FOB Rhin Spot - July 2020 basis191.00+1.00
Feed barley delivered Rouen - July 2020 basis193.00+0.00
Malting barley FOB Creil Spot - July 2020 basis188.00+0.00
Rapessed FOB Moselle Spot - Flat - 2020 harvest392.00+2.00
Standard sunseed delivered St Nazaire Spot - Flat - 2020 harvest430.00+5.00
Feed peas FOB Creil Spot - August 2020 basis230.00+0.00
Analysis 21/10/2020

European market

Cereals took a break yesterday but maintained their upward trend. The most noteworthy element at the beginning of the day is the clear progression of the euro against the dollar, posted at 1.1850. Crude oil is showing a slight decline, a consequence of a rise in weekly stocks in the USA.

In terms of balance sheets, the world corn balance sheets have the most adjustments. Agritel analysts have already been warning for several weeks about corn production in Ukraine, which has been revised downwards compared with last spring's estimates.

On the international scene, the USA sold yesterday 132,000 t of soybeans to undisclosed destinations. South Korea bought around 130,000 t of feed wheat. Today operators will wait for Algeria's tender offers.

In Australia, the rains are abundant in the south-east of the continent, but in the other important wheat-producing region, on the south-west, the lack of rainfall is leading to a downward revision of production estimates. The USDA in its last report showed a production estimate of 28.5 Mt.

Rapeseed prices benefited yesterday from firm palm, canola and soybean prices. Nevertheless, the resistance of 395 €/t on Euronext is difficult to break, despite tense European balance sheets. Malaysia lacks the manpower to harvest palm crops properly as a result of the covid crisis.

American market

Prices showed a new increase on all products yesterday in Chicago. The water deficit combined with strong export activity are the two key elements justifying this sharp rise in prices. Wheat prices have returned to their highest levels since December 2014.

However, weather conditions allow good progress in soybean and corn harvesting. This limits the rise in the context of harvest pressure. The water deficit remains, however, in key wheat-producing states such as Kansas, with only 31% of the surface area judged to be good to excellent.

However, funds remain very active with near historic long positions in soybeans.

The funds were still net buyers yesterday for 12,500 lots of corn, 10,000 lots of soybeans and 4,000 lots of wheat.

Black Sea market

The harvest is progressing in Ukraine. 20 Mha of all crops have been cut since the beginning of the summer. 10.9 Mt of sunflower have been collected on 87% of the area. 2 Mt of soybean have been harvested with 28% of the area remaining to be cut.

In corn, while almost half of the area has been cut (44%), only 11.1 Mt have been harvested. Yields are still disappointing. The corn market continues to tighten locally with a price increase of nearly 10 $/t since the beginning of the week.

The winter crops sowing still show a significant delay compared to the average year. 4.6 Mha of wheat, 0.6 Mha of barley and 0.83 Mha of rapeseed are now in the ground.

Live news

Rise of the euro against the dollar