Pre-opening 23/11/2020
Paris Chicago
Wheat+ 1 €+ 6 cents
Corn+ 1 €+ 6 cents
Rapeseed+ 1 to + 2 €
Soybean+ 14 cents
Indexes 23/11/2020
€/$1.1901 $
Oil WTI42.15 $/b

Wheat (€/t)
Dec 20211.50+0.75
Mar 21210.25+1.50
May 21208.50+1.25
Sep 21192.50+0.25
Dec 21193.75-0.25
Corn (€/t)
Jan 21195.75+1.25
Mar 21195.50+1.25
Jun 21195.50+1.50
Aug 21197.00+1.00
Nov 21183.00+0.50
Rapeseed (€/t)
Feb 21415.50+0.25
May 21411.00-0.50
Aug 21395.00+0.75
Nov 21396.00+1.00
Feb 22395.25+0.25

23/11/2020

Wheat (€/t) : 1618 lots
LotsTypeStrike
100Call Mar 21194.00
100Call Mar 21204.00
6Call Mar 21210.00
200Call Mar 21215.00
5Call Mar 21220.00
200Call Mar 21225.00
4Call Mar 21230.00
300Call May 21195.00
300Call May 21205.00
40Call May 21210.00
10Call May 21220.00
250Call Sep 21200.00
50Call Sep 21205.00
2Put Mar 21205.00
1Put May 21207.00
50Put Sep 21186.00
Corn (€/t) : 150 lots
LotsTypeStrike
50Call Mar 21200.00
50Call Jun 21196.00
50Put Jun 21186.00
Rapeseed (€/t) : 563 lots
LotsTypeStrike
1Call Feb 21375.00
100Call Feb 21400.00
150Call Feb 21420.00
30Call Feb 21450.00
2Call May 21390.00
200Put Feb 21400.00
50Put Feb 21410.00
30Put Aug 21395.00

Wheat (¢/b)
Dec 20593.2500+6.2500
Mar 21599.5000+5.2500
May 21602.2500+5.0000
Jul 21598.2500+3.5000
Sep 21600.5000+3.2500
Corn (¢/b)
Dec 20423.2500+3.5000
Mar 21428.2500+5.2500
May 21430.7500+5.7500
Jul 21430.7500+5.7500
Sep 21410.7500+3.5000
Soybean (¢/b)
Jan 211181.0000+11.0000
Mar 211181.2500+12.0000
May 211179.5000+11.5000
Jul 211173.7500+12.5000
Aug 211154.0000+10.2500
Soy meal ($/st)
Dec 20394.7000+0.6000
Jan 21392.5000+1.0000
Mar 21390.2000+2.7000
May 21386.5000+3.4000
Jul 21384.3000+4.0000
Soy oil (¢/lb)
Dec 2038.6600-0.0900
Jan 2138.3400+0.0100
Mar 2137.9900+0.2200
May 2137.7000+0.3300
Jul 2137.3900+0.3600

23/11/2020

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 basis197.00+1.00
Corn FOB Rhin Spot - July 2020 basis204.00+1.00
Feed barley delivered Rouen - July 2020 basis199.00+0.00
Malting barley FOB Creil Spot - July 2020 basis207.00+2.00
Rapessed FOB Moselle Spot - Flat - 2020 harvest421.00+1.00
Standard sunseed delivered St Nazaire Spot - Flat - 2020 harvest480.00+0.00
Feed peas FOB Creil Spot - August 2020 basis245.00+3.00
Analysis 23/11/2020

European market

Markets were quiet on Friday; prices are still supported by the current fundamentals. Main drivers remain the Chinese appetite for commodities and dry weather conditions in South America.

US markets will be closed this Thursday due to Thanksgiving. This should push traders to be cautious before a long weekend.

On the international stage, we can note the sales of 158 270 t of US corn to Mexico and 131 000 t of US corn to undisclosed destination.

On Friday, FranceAgrimer said that winter wheat in France is now planted up to 95% vs. 88% in the previous week. The crop rating of winter barley is showing that 95% of the crops are considered as good to excellent. This is due to the favourable weather conditions of these last weeks. The corn harvests are now completed at the exception of a few plots.

The Dollar is in small evolution this morning at 1.1870 vs. Euro and 76.16 vs. Rouble. The US crude oil is gaining ground at 42.50 $/b.

The rapeseed should be underpinned by the upside trend of canola and soybean, but the palm is retreating a bit this morning.

Among cereals, the corn supplies are the most stretched this season. This is the consequence of reduced productions both in the US and Ukraine added to a buoyant demand from China.

American market

Soybean continues to progress in Chicago. Sales of US and Brazilian origins have now reached a high level. Also, the hydric deficit in place in Brazil is raising producers’ fears about the next crop.

For the same reasons, the corn is the most performing cereal. The world wheat situation is not as tense as the corn.

On Friday, funds were net buyers in 3 500 lots of corn, 7 000 lots of soybean and 2 500 lots of wheat.

The week will be marked by Thanksgiving with American markets closed all day Thursday and open for half a day Friday.

Black Sea market

Just before the weekend, Ukrainian authorities released crop progress. Sunflower harvests are now completed and 13 Mt have been collected. 3% of the soybean crop is remaining in the fields, 2.7 Mt have been collected so far. 86% of corn surfaces have been harvested and 24.5 Mt collected.

It must be noted that these info from the Minister of Economy are somewhat biased and gives a pessimistic view of the situation. This is suggested by the figures recently transmitted by the statistical service Ukrstat that reported on the situation as at 1 November. For an equivalent harvested area, the data as transmitted by the Ministry showed corn production at 17.63 Mt at the beginning of the month compared to 18.48 Mt according to Ukrstat, i.e. 0.85 Mt more. In this context, the USDA figure for Ukrainian corn production, at 28.5 million tonnes, could be slightly revised upwards ...

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