European market
In the wake of Chicago in particular, the European prices managed to mark an increase yesterday. However, wheat and corn still evolve in their channel of the last weeks. The new elements in Europe remain too discreet to hope for a change in dynamics.
The numerous reports of this week are gradually integrated by the market participants. The Conab report yesterday adjusted its Brazil balance sheets. In corn, production is revised down very slightly, to 138.45 Mt, which remains higher than the 131 Mt of the USDA. In soybeans, production would increase by 1.86 Mt compared to the latest estimates, to reach 178 Mt.
Rapeseed manages to get closer to the 490 €/t level on the May contract. The expectation of Australian volumes to arrive to the EU market remains relevant, while the dynamics of EU rapeseed grain imports is weak since the beginning of the campaign.
In France, the return of CereObs winter crops conditions will be to be followed. If, for the moment, nothing specific is to be reported, we should still note that the current rains and those announced for the next few days could disrupt the sowing work, especially for spring barley.
American market
Anticipating a long weekend in the United States, because of the "President's Day" on Monday, the market participants were adjusting their positions. This offered a renewed firmness to US wheat, back to the $5.50/bushel zone on the March contract.
The hope of seeing Chinese operators significantly return to purchases also provided significant support for American soybeans. The soybean prices return to test the $ 11.40/bu area. However, few are the professionals of the Trump administration to validate the latest statements of the resident of the White House. In addition, export sales on this product came out below expectations, at only 282,000 t. However, it should be noted the exceptional sale of 108,000 t to Egypt.
As for corn export sales, they came out on excellent levels, at 2 Mt, which confirms the upward revision of the USDA export target at the beginning of the week. In wheat, the exports reach 488,000 t, in the high range of expectations.
Finally, in the rest of the world, an eye is still focused on Argentina where the lack of rainfall is worrying. The soybean conditions are worsening, enough to arouse fears among local operators.
Black Sea market
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