Soybeans were the star of the day while everything else moved with some lack of conviction. Soybeans ended up +10 cents, despite weaker than expected US export Sales (1.02MT) so quite technical but also to be fair harvest is fairly slow in the US and it sounds like the best yields were harvested first. For sure, next USDA WASDE yield will be under scrutiny as there is some scepticism. Meanwhile, Corn was up +1.25 cent, and Wheat down -1.25 cent in Chicago, -1.75 cent in Kansas and +5.50 cent in Minneapolis. On the other side of the Pond, MATIF Milling Wheat and CME EU ended flat while London Feed was down -£0.55. In Chicago, fund were on the buy side of Soybeans and Corn for respectively 8,500 lots and 2,500 lots and sold 2,000 lots of Wheat.
For Corn and Wheat, US Export Sales were slightly above expectations to 814kT and 492kT repsoectively.
Night session is like a typical Friday, a couple of ticks here and there… Nothing major to note (yet) and market will start building up its expectation as next Thursday there’s a new USDA WASDE!
Japan bought 109,906T of food wheat from US and Canada but they haven’t received any offer in the SBS feed wheat and feed barley tender. Jordan managed to purchase! Indeed, they secured 50,000T of feed barley at $229 for February delivery. Quality specs and payment terms are still a struggle and it fails to attract international traders. Turkey is seeking 96,000T of feed barley.
In France, 15% of the corn is harvested while 80% remains in G/E.
NYME Crude is still trading above $50.50, digesting the US Crude Oil Inventoris (-6M barrels) but price are far from displaying a convincing trend, either way, these days. ICE Brent is trading at $6.35 premium.
Leave that woman alone! One can only sympathise with PM Theresa May… Her speech content was completely occulted by the interruptions (cough, prankster, letters falling) and her friends did not wait the body to be cold to try to put the nails on the coffin and he day after giving her a supportive standing ovation, some conservative MP are plotting to get rid of her…. And market is quite buying the fact there could be a leadership battle has GBPEUSD took a serious hit and is now trading below 1.3075. GBPEUR cross rate is trading around 1.1175. Anyway, US dollar is on a good trend, ADP NFP on Wednesday were a tad better than expected (135k), ISM Non-Manufacturing was also better to 59.8, yesterday, US Employment Claims were better also to 260K yesterday, as well as Factory Orders (+1.2%). Today job data in the US, NFP (82k) and Unemployment Rate (4.4%). EURUSD is keeping its downtrend and is now trading below 1.17, after peaking above 1.2050 early September Situation in Catalonia is not helping euro and EU and situation is potentially explosive. Spanish court has preventively forbid the Cotalonia parliament to discuss on Monday. Well they will and Franco (Ooops… Felipe I mean) has antagonized her so they will probably make another step towards declaring independence, and with Spanish police injuring 900 people during the vote, one can only think it could lead to a Civil War.