Back to school, happy New Year! Some were actually back last week and market was a bit all over the place: Soybeans moved up +7.57%, SoyMeal +3.18% and SoyOil -0.94%. Corn was up +7.51% in Chicago, +4.05% on MATIF in US dollar (as EURUSD moved down -0.38%). Meanwhile, Wheat was up +1.57% in Chicago, -1.03% in Kansas, -0.39% in Minneapolis, +2.34% on MATIF in US dollar and-+0.48% in London in US dollar (GBPUSD was up +0.17%).
US Government is still in shutdown, therefore, no USDA WASDE this week, no CFTC COT,… One like criticizing the released data but when it’s not published it’s sadly missed! Love hate relationship!
Monday blues? Market is still in discovery mode as Soybeans are up +3.00 cents, Corn is broadly flat and Wheat -1.50 cent across the US markets. MATIF is just ticking down and London feed is +£0.70. Noting extravagant…
Algeria is seeking wheat, officially 50,000T but will be more as usual. One day will come where Russian wheat will make it for sure… It will be a blow to French wheat and authorities are mist certainly lobbying in the backroad to prevent this. Ethiopia is still on with a tough tender: they are seeking for 400,000T of wheat. Pakistan is tendering to sell 100,000T of wheat.
Next week will be interesting as far as Brexit is concerned… Will the vote be held in the parliament? Will it unexpectedly pass? What if it’s not passing… So far, no panic on the FX markets, EURUSD is up trading around 1.1450, GBPUSD up trading around 1.2760 and GBPEUR cross rate down 25 pips or so trading around 1.1145