Mirroring the day before. Yesterday market reverted indeed. Soybeans ended up +8.50 cents, and Corn +0.75 cent while Wheat corrected -8.00 cents in Chicago, -10.25 cents in Kansas and -4.25 cents in Minneapolis. Quiet day on the other side of the pond, MATIF Wheat moved down a couple of ticks, London Feed a tick down and CME EU flat line. In Chicago funds sold 5,500 Wheat and bought 3,000 Corn and 7,000 Soybeans.


Quiet night session, Soybeans down -1.25 cent, Corn just ticking up while and Wheat is showing a modest rebound: +1.75 cent in Chicago and Kansas, +3.00 cents in Minneapolis. MATIF Wheat is trading sideways couple of ticks while London feed is down -£0.25.


Egypt GASC is seeking wheat, in the light of the recent return of the ergot saga, tough to imagine anything else but Russian wheat will make it. But even the Russian got a bit cold feet as only six trading houses have offered. To be fair, a lot of the Black Sea guys are partying in Geneva’s Global Grain so cannot be everywhere at the same time! 8 vessels of Russian wheat are offered (between $194.55 and $197.12 FOB) and one vessel of Romanian ($203.99 FOB). Quite timely, France Agrimer just cut the French soft wheat exports to non-EU countries: -0.3MT to 9.9MT. Ending stocks of soft wheat are raised by +0.1MT to 3.3MT. Soft wheat production is revised by -0.4MT to 37.5MT.The Black Sea competition is starting to become a real challenge for France, and at some point, one can wonder where all the surplus will go… South Korea’s NOFI bought 68,000T of corn, Japan did not receive any offer on the SBS tender (feed wheat and feed barley) and Jordan cancelled the barley tender (wheat tender is still on). China sold 60,817T of its wheat reserve out of 577kT offered.


Stratégie Grains is increasing by +0.3MT it’s EU corn production to 59.3M, cut by -0.3MT the soft wheat production to 142.5MT. New crops surfaces are unchanged on corn (8.5M hectares, -0.2M hectares year on year) and cut by -0.3M hectares to 23.5M hectares (down -0.2M hectares year on year). Nothing game changing at the moment.


UK Retails Sales exceeded expectations to +0.3% (+0.1% expected) and previous was revised from -0.8% to -0.7%. In EU, no surprise on Final CPI and Core CPI, respectively +1.4% and +0.9%. Later today, US Unemployment Claims, expected at 235k, yesterday CPI and Core CPI were both at +0.4%. EURUSD is trading at 1.1765, GBPUSD at 1.3180 and GBPEUR just above 1.12.

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