Not the most exciting day yesterday, Soybeans closed a couple of ticks up, Corn a couple of cents and Wheat +3.75 cents. Not a lot of story to report, position adjustment before the big event of the week on Friday, the report that is very often entertaining: a market mover that is. Funds bought 3,000 Wheat, 1,000 Corn and they were even on Soybeans. It was the CFTC’s COT cut-off and market will expect funds to have been on the selling side over the week for 2,000 Wheat, 22,000 Corn and 20,500 Soybeans. But it’s been quite shaky and nervous, so the accuracy probably won’t be good once again.  MATIF moved up also, +€1 and CME EU +€2.50. Night session was on the upside, with everything up +1 to +2 cents across the board, MATIF +€0.75 and CME EU +€1.


Algeria bought up to 200,000T of durum with prices said to be just above $250 CNF, probably US and Canadian. Iraq is back seeking 50,000T of wheat. Jordan cancelled the feed barley tender. Egypt said there won’t be any private imports to protect local crop… However, they were not buying anyway, hit by the Egyptian Pound devaluation. GASC will continue to purchase if necessary, acting therefore as a monopolistic importer for the rest of the season.


US Crude Oil Inventories increased by +1.2M barrels… The glut continues. However, this is less than the 5M barrels anticipated. Oil is trading up, NYMEX Crude around $48.50 and ICE Brent with a $3 premium.


The event of the day is Brexit, the letter has been received by Donald Tusk. No major psychological reaction on the market, currencies were not really expected to make a move on this, it’s now 2 years of negotiations and the story is actually just starting. US dollar is generally retracing, stronger day for the currency: EURUSD back down to around 1.0750, and GBPUSD trading just above 1.24.

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