Yesterday was another of these days where trend is pursing with a lack of clear conviction but it still does, a couple of cents or so, nothing really major. Not massively exciting to be honest. The only attraction is still technical, especially on Soybeans where the 1,000 cents level seems to be magnetic as the today’s night session is suggesting. There’s not much news around, however market will certainly focus on harvest reports and crop tours in the next few weeks. Yesterday, funds bought 7,000 lots of Corn, 1,750 lots of Wheat  and were even on Soybeans. MATIF Milling Wheat finished also flattish, still struggling to make its mind up between heavy global supply and French specific issue.


A boring Friday also so far. Night session was weaker across the board, Soybeans posting a two digits loss, re-approaching the level of 1,000 cents, while Wheat and Corn were just a couple of cents down in a lack of interest and volume. MATIF is a bit more frankly down but not posting over -€1 loss.


Meanwhile in France, 97% of the wheat harvest is completed, in other words, harvest is almost completed but 33% only is G/E… Quick low quality harvest, there’s not a lot! As per the corn, it keeps degrading, only 63% if G/E, -5% from last week. A challenging year at every level this year for France as the wet weather and the lack of sunshine are to be blamed.


EU cleared 538,000T of wheat export licenses and 14,000T of corn import licenses.


Oil is on a bull run having post a very nice recovery the past couple of weeks. Approaching the next OPEC meeting there’s obviously speculation and hopes that a product freeze or cut could happen. ICE Brent is currently trading above $50.50 and NYMEX Crude carries a $48 handle. On Freight, Baltic Dry Index BADI posted another loss (-3 only though to 682) on lower demand for bigger vessel.


EURUSD is still pretty strong above 1.13, talks about the rate hike will intensify as the next FOMC is approaching. However, market was never really hopeful about a September hike but December is seen much more likely.

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