Pre-opening 06/12/2023
Paris Chicago
Wheatunch to +1€/t- 2 cents
Cornunch to + 1 €/t+ 1 cent
Rapeseed- 1 €/t
Soybean+ 1 cent
Indexes 05/12/2023
€/$1,0817 $
Oil WTI72,32 $/b

Wheat (€/t)
Déc. 23215,75+1,75
Mars 24229,75+2,00
Mai 24234,75+1,50
Sept. 24235,25+1,75
Déc. 24239,00+1,50
Corn (€/t)
Mars 24202,25+0,75
Juin 24208,75+0,00
Août 24212,25-0,50
Nov. 24212,00+1,75
Mars 25213,50-1,00
Rapeseed (€/t)
Févr. 24444,25-2,75
Mai 24446,00-2,25
Août 24446,25-2,50
Nov. 24452,25-3,00
Févr. 25453,75+0,00


Wheat (€/t) : 1394 lots
20Call Mars 24235,00
800Call Mars 24240,00
2Call Mai 24230,00
9Call Mai 24235,00
24Call Mai 24236,00
50Call Mai 24245,00
63Call Mai 24250,00
63Put Mai 24210,00
63Put Mai 24230,00
100Put Déc. 24238,00
100Put Mars 25240,00
100Put Mai 25240,00
Corn (€/t) : 394 lots
25Call Mars 24205,00
44Call Mars 24215,00
25Call Mars 24245,00
200Put Mars 24195,00
100Put Mars 24198,00
Rapeseed (€/t) : 444 lots
17Call Févr. 24475,00
6Call Mai 24450,00
1Call Août 24465,00
200Put Févr. 24420,00
200Put Mai 24400,00
20Put Mai 24410,00

Wheat (¢/b)
Déc. 23620,7500+5,0000
Mars 24631,2500+9,0000
Mai 24644,0000+8,0000
Juil. 24651,5000+7,0000
Sept. 24660,7500+5,5000
Corn (¢/b)
Déc. 23468,5000+3,7500
Mars 24490,5000+1,2500
Mai 24502,0000+1,2500
Juil. 24510,2500+0,7500
Sept. 24510,7500+1,0000
Soybean (¢/b)
Janv. 241305,5000+3,5000
Mars 241326,5000+2,7500
Mai 241342,5000+2,2500
Juil. 241350,2500+2,0000
Août 241330,5000+2,2500
Soy meal ($/st)
Déc. 23433,7000+1,6000
Janv. 24417,8000+1,2000
Mars 24404,0000+0,6000
Mai 24399,3000+0,4000
Juil. 24399,1000+0,1000
Soy oil (¢/lb)
Déc. 2350,2200-0,9700
Janv. 2450,2600-0,1400
Mars 2450,2100-0,1200
Mai 2450,2400-0,0400
Juil. 2450,1900-0,0600


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 2023 basis370,00+0,00
Corn delivered Bordeaux Spot - July 2023 basis197,00+0,00
Corn FOB Rhin Spot - July 2023 basis203,00+0,00
Feed barley delivered Rouen - July 2023 basis202,00-2,00
Malting barley FOB Creil Spot - July 2023 basis295,00+0,00
Rapessed FOB Moselle Spot - Flat - 2023 harvest437,00+0,00
Oleic sunseed delivered St Nazaire Spot - Flat - 2023 harvest435,00+5,00
Feed peas FOB Creil Spot - August 2023 basis255,00+0,00
Analysis 06/12/2023

European market

The euro/dollar exchange rate has dropped by 2% over the week. As a result, its value is back below 1.0800, providing support for European grains over the past few days. At the same time, however, the dollar index is strengthening and crude oil is weakening, which is penalising the entire commodities sector. The price of crude oil is back testing its mid-November lows just above $72/b in New York. Doubts about the decline in global demand for crude have resurfaced, while the production cuts recently announced by OPEC+ are failing to impress.
The wheat market had a mixed picture yesterday, with Chicago continuing to rise on the back of further purchases of US wheat, while Euronext saw a sharp correction on the back of Egypt's purchase of 120,000 t of Russian wheat and 60,000 t of Ukrainian wheat.
Indeed, the latest GASC tender was a reminder, if one were needed, of the ample supplies in the Black Sea, with around 2mn t offered, most of it of Russian origin. The low volume purchased in the end, including 120,000 t with letters of credit for payment within 270 days, points to Egypt's weak interest and resources.
Despite Russian offers aligned on an unofficial floor of $250/t fob, the few offers of Romanian or French wheat were not competitive. The purchase of a panamax of Ukrainian wheat is a reminder that this highly competitive origin is a factor worth considering.
With a decline limited to -0.5 €/t on Euronext's February 2024 futures, which closed at 444.25 €/t, rapeseed is not doing so badly given the downward pressure seen on crude oil, canola in Winnipeg and palm oil in Kuala Lumpur. Canadian canola is struggling to cope with StatCan's Monday increase in production to 18.3mn t, compared with 17.4mn t forecast in September and 18.1mn t expected.

American market

Yesterday, the USDA announced another exceptional sale of 198,000 t of US wheat to China and a further rise in wheat prices in Chicago. This sixth consecutive session of gains took the wheat March 2024 contract up to $6.3625/bu, a 3-month high.
Corn also finished higher for the fifth session in a row, in sympathy with wheat and with recent good US export sales.  
In both wheat and corn, the buying back of short positions or "short-covering" by funds has played a large part in the rebound in prices seen over the past week.
Soybeans are the exception. Funds are still selling. The situation is mixed, with operators partly reassured by the recent rains in Brazil. Soybeans yesterday returned to the $13/bu support level on the January 2024 futures, the lowest level for over a month.

Black Sea market

Click here to request full access to the AgriMarkets report to find out more about the Black Sea region, and follow price trends in Russia on a daily basis.