Markets Rise in Chicago's Wake
By ODA UK | Published at
On the oilseeds market, prices on the soya complex continued their gains today as weather risks persisted in Brazil and rumors continued about a Chinese purchase of U.S. soybeans. Indeed, the Chinese have returned to the market after the holiday break. However, the USDA will not publish any official numbers as long as the U.S. "shutdown" lasts.
Palm oil prices consolidated after yesterday's sharp gains.
Despite an uptick in the euro-dollar exchange rate to $1.14 and a drop in crude prices to $55.2/bl for Brent, rapeseed prices still advanced in Europe.
Wheat prices continued their rebound today in Paris and Chicago. Even though the USDA did not release U.S. sales figures due to the "shutdown", the U.S. market found some support. It appears the situation in Argentina is finally begining to raise concerns. The European market followed with a more moderate response due to gains by the euro-dollar exchange rate after the rate sank sharply yesterday.
In international trade, the United Nations bought 20KT of wheat for Yemen, and Pakistan launched a call to tender for 100KT of wheat export sales.
On the maize market, U.S. prices were progressing as the European session ended, following in the wake of wheat and soya. On Euronext, figures published by European customs still showed massive imports, and the numbers did not impact the gains.