Pre-opening 13/06/2024
Paris Chicago
Wheatunch to - 1 €/t+ 1 cent
Cornunch+ 2 cents
Rapeseedunch to - 1 €/t
Soybean- 1 cent
Indexes 13/06/2024
€/$1,0784 $
Oil WTI78,50 $/b

Wheat (€/t)
Sept. 24238,50-1,50
Déc. 24246,00-1,75
Mars 25248,00-1,75
Mai 25248,75-1,25
Sept. 25238,75-0,25
Corn (€/t)
Août 24213,25-1,50
Nov. 24212,50-1,25
Mars 25217,25-1,25
Juin 25219,50-1,00
Août 25240,75-1,00
Rapeseed (€/t)
Août 24468,25+3,25
Nov. 24476,75+3,25
Févr. 25481,25+3,75
Mai 25480,00+3,00
Août 25460,25+0,00


Wheat (€/t) : 5052 lots
1Call Sept. 24216,00
4Call Sept. 24246,00
2Call Sept. 24250,00
2Call Sept. 24260,00
750Call Sept. 24270,00
100Call Sept. 24280,00
60Call Déc. 24250,00
1Call Déc. 24260,00
250Call Déc. 24280,00
300Call Déc. 24320,00
20Call Mars 25275,00
850Put Sept. 24225,00
600Put Sept. 24235,00
850Put Sept. 24240,00
600Put Sept. 24255,00
60Put Déc. 24200,00
300Put Déc. 24220,00
50Put Déc. 24245,00
252Put Déc. 24250,00
Corn (€/t) : 1 lots
1Put Nov. 24214,00
Rapeseed (€/t) : 665 lots
20Call Août 24500,00
10Call Nov. 24490,00
25Call Nov. 24500,00
20Call Nov. 24530,00
500Put Août 24450,00
20Put Nov. 24450,00
20Put Nov. 24470,00
50Put Août 25450,00

Wheat (¢/b)
Juil. 24617,0000+2,0000
Sept. 24636,0000+0,2500
Déc. 24660,2500-0,5000
Mars 25678,5000-2,0000
Mai 25687,5000-2,5000
Corn (¢/b)
Juil. 24454,2500+4,0000
Sept. 24456,7500+6,7500
Déc. 24468,7500+7,0000
Mars 25479,7500+6,2500
Mai 25487,0000+6,2500
Soybean (¢/b)
Juil. 241177,2500+11,5000
Août 241166,7500+10,7500
Sept. 241143,0000+13,5000
Nov. 241147,2500+12,5000
Janv. 251160,2500+10,0000
Soy meal ($/st)
Juil. 24360,2000+7,9000
Août 24351,3000+5,8000
Sept. 24347,1000+5,4000
Oct. 24347,2000+4,9000
Déc. 24352,2000+4,8000
Soy oil (¢/lb)
Juil. 2443,7900+0,0500
Août 2444,0000+0,0600
Sept. 2444,0100+0,0900
Oct. 2443,8900+0,1000
Déc. 2444,0500+0,1000


Physical (€/t)
You can now find the prices for the Wheat delivered Rouen - (July basis) in the Argus AgriMarkets report
Durum wheat delivered La Pallice Spot - July 2024 basis335,00+0,00
Corn delivered Bordeaux Spot - July 2023 basis202,00-3,00
Corn FOB Rhin Spot - July 2023 basis202,00+0,00
Feed barley delivered Rouen - July 2024 basis188,00-6,00
Malting barley FOB Creil Spot - July 2024 basis262,00+0,00
Rapessed FOB Moselle Spot - Flat - 2024 harvest465,00-4,00
Oleic sunseed delivered St Nazaire Spot - Flat - 2023 harvest430,00+0,00
Feed peas FOB Creil Spot - August 2024 basis280,00-5,00


Analysis 13/06/2024

European market

Prices fell back on Euronext yesterday, erasing the previous day's upward movement. Prices initially incorporated the rebound in the euro against the dollar, which climbed back above 1.0760 and is now back at 1.0810. This rebound erased the decline seen at the start of the week. The session was also lively following the publication of the USDA report and, to a lesser extent, FranceAgriMer's balance sheet figures.

FranceAgriMer revised its stock estimates slightly downwards compared with last month. For soft wheat, FranceAgriMer now estimates the size of stocks at the end of the 2023/2024 marketing year at a still high level of 3.83 Mt, up +50% on last year. The situation for barley is also similar, with stocks forecast at 1.49 Mt compared with 1.01 Mt the previous season. Corn stocks are still forecast at over 2.2 Mt, compared with 1.65 Mt last year.

By the end of the day, European operators had incorporated the new USDA estimates, with production figures revised downwards for Russia, Ukraine and the European Union to 83 Mt, 19.50 Mt and 130.50 Mt respectively. This decline in these areas alone explains the expected fall in world production compared with last month, and is thus in line with the consensus of operators, taking into account the drop in production due to the weather conditions encountered. However, the fall in world production has led the USDA to revise consumption volumes for soft wheat, particularly for animal feed, and to favour a contraction in the volume of export trade. Wheat prices on Euronext fell, with corn prices following in their wake.

American market

The publication of the USDA's monthly report livened up the US market yesterday. The old-crop wheat situation in the USA was little changed, with carryover stocks unchanged at 18.71 Mt. For the new crop, the USDA is now forecasting a slightly improved crop, with 2024 production now estimated at 51.02 Mt, higher than the May estimate and last year's production volume. This volume will therefore provide supplies both to meet export demand and to replenish stocks. Chicago prices traded lower, partially erasing the previous day's rally. As a result, September 2024 is back below $6.40/bu.

US corn production estimates were unchanged from last month. Production is still estimated at 377.46 Mt, with the USDA maintaining its yield assumption at 181 bu/acre. Prices for December 2024 are thus back to where they were at the start of the week, flirting with resistance at $4.70/bu.

On the other hand, yesterday's soybean session was marked by a fall in soybean seed and meal prices. New-crop seed prices for the September 2024 contract are trading at their lowest level since last March. The upward revision of US stocks at the end of the 2023/2024 season, to 9.53 Mt, means that forecast stocks for the coming season have risen to 12.38 Mt, taking into account the announced increase in US production. However, the fall in prices is stimulating the export market, where new sales of 106,000 t of old crop to China were reported again yesterday.