Pre-opening 25/11/2020
Paris Chicago
Wheatunch to +1€/t+1 cent
Corn+1€/t unch
Rapeseed+1€/t to +2€/t
Soybean+1 cent
Indexes 25/11/2020
€/$1.1890 $
Oil WTI44.91 $/b

Wheat (€/t)
Dec 20211.00-1.75
Mar 21209.50-2.25
May 21207.75-1.50
Sep 21192.25-0.75
Dec 21193.50-0.75
Corn (€/t)
Jan 21194.50-1.50
Mar 21193.75-1.75
Jun 21195.00-1.00
Aug 21197.00-0.25
Nov 21182.50-0.75
Rapeseed (€/t)
Feb 21412.75+1.00
May 21407.50+0.50
Aug 21392.75-0.25
Nov 21394.00+0.25
Feb 22394.00+0.50

25/11/2020

Wheat (€/t) : 6417 lots
LotsTypeStrike
1Call Mar 21189.00
200Call Mar 21210.00
150Call Mar 21211.00
105Call Mar 21212.00
20Call Mar 21213.00
550Call Mar 21215.00
50Call Mar 21220.00
520Call Mar 21225.00
400Call Mar 21230.00
100Call May 21195.00
100Call May 21205.00
1115Call May 21210.00
100Call May 21213.00
56Call May 21215.00
50Call May 21220.00
1060Call May 21230.00
6Call Sep 21195.00
1Call Dec 21194.00
2Put Mar 21186.00
60Put Mar 21200.00
500Put Mar 21205.00
31Put Mar 21207.00
50Put Mar 21208.00
10Put Mar 21210.00
1060Put May 21190.00
100Put May 21200.00
5Put May 21204.00
3Put May 21205.00
11Put Sep 21190.00
1Put Dec 21192.00
Corn (€/t) : 120 lots
LotsTypeStrike
60Put Mar 21180.00
60Put Mar 21195.00
Rapeseed (€/t) : 332 lots
LotsTypeStrike
2Call May 21410.00
250Call May 21420.00
25Call Aug 21410.00
30Call Aug 21450.00
25Put Aug 21390.00

Wheat (¢/b)
Dec 20611.2500-24.0000
Mar 21617.5000-22.0000
May 21618.7500-19.7500
Jul 21612.0000-16.5000
Sep 21613.7500-16.0000
Corn (¢/b)
Dec 20425.7500-5.7500
Mar 21432.5000-5.2500
May 21435.7500-5.5000
Jul 21436.5000-5.2500
Sep 21414.7500-3.0000
Soybean (¢/b)
Jan 211191.2500-7.0000
Mar 211193.2500-7.0000
May 211192.0000-7.5000
Jul 211187.7500-7.2500
Aug 211165.2500-8.2500
Soy meal ($/st)
Dec 20398.3000-0.3000
Jan 21396.9000-0.1000
Mar 21396.0000-0.5000
May 21393.2000-0.9000
Jul 21391.4000-1.8000
Soy oil (¢/lb)
Dec 2038.0600+0.1400
Jan 2137.7200+0.1600
Mar 2137.6100-0.0100
May 2137.4900-0.1100
Jul 2137.3200-0.1100

25/11/2020

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+0.00
Corn FOB Rhin Spot - July 2020 basis207.00+0.00
Feed barley delivered Rouen - July 2020 basis199.00+1.00
Malting barley FOB Creil Spot - July 2020 basis208.00+0.00
Rapessed FOB Moselle Spot - Flat - 2020 harvest418.00-4.00
Standard sunseed delivered St Nazaire Spot - Flat - 2020 harvest490.00+0.00
Feed peas FOB Creil Spot - August 2020 basis245.00+0.00
Analysis 25/11/2020

European market

The markets closed yesterday with a rebound on cereals. The firmness was displayed at the very end of the day in the wake of Chicago. Demand continues to be strong on the international scene, with transactions already recorded for the 2021 harvest. China remains the main player.

Optimism is also seen in the stock markets, with the prospect of a rebound in the world economies in the coming months. In this context, crude oil continues to increase posted this morning in New York at 45.30 $/barrel. The dollar is decreasing, posted at 1.1910 against the euro and at 75.40 against the ruble.

On the international scene, Turkey has bought around 350,000 t of corn and 155,000 t of feed barley. Tunisia has bought 92,000 t of soft wheat, 75,000 t of durum and 75,000 t of feed barley.

Climatic conditions remain a source of concern, mainly the state of winter wheat in the USA and the water deficit over much of central Brazil, which could negatively impact the yield potential of soybeans.

While winter wheat acreage is likely to increase significantly in Europe, Russia and the USA, it will be down on last year in Ukraine according to our Kyiv office, as a result of dry conditions that have impacted planting.

Rapeseed was decreasing yesterday on profit-taking and in the wake of canola and palm. However, this downturn is considered as technical. The vegetable oil market remains tight in the face of declining palm production and rising biofuel prices.

American market

Wheat prices were closely followed yesterday in Chicago, notably because of funds’ purchases after the sharp decline in the USDA's crop rating on Monday evening. The concern is about wheat entering winter in insufficient conditions to face a possible cold spell.

Corn was hardly moving yesterday despite the USDA's announcement of the sale of 334,000 t to an undisclosed destination. Soybeans closed slightly higher, still in a tight context in the face of Chinese demand and the already very large sales commitment on the part of American operators. The water deficit in Brazil is also a source of concern.

Today operators will be caution before the markets close tomorrow and half a session on Friday for Thanksgiving.

Funds were net sellers yesterday for 10,000 lots of corn and 2,500 lots of soybeans. They were net buyers for 11,000 lots of wheat.

 

Black Sea market

While the execution of forward contracts for the 2020 harvest, particularly in corn, sunflower and soybean, remains uncertain, traders based in Ukraine begin to make the first individual price offers in wheat for the 2021 harvest. Analysts at Agritel Kyiv are reporting bids at around 215 $/t on a CPT-Odessa basis. 

This price level is never seen since Agritel Kyiv analysts have been following the bids for forward contracts from the 2016 harvest. No doubt such levels should encourage producers in the Black Sea basin to commit part of their 2021 harvest in a context of record winter acreage in Russia.

Live news

Sharp increase in crude oil