Agricultural Commodities Markets End the Week Quietly
By ODA UK | Published at
Prices for grains and oilseeds were relatively stable on both sides of the Atlantic today.
In terms of macroeconomics, after the sharp fluctuations recorded in recent sessions, the euro-dollar exchange rate and crude oil stabilised.
However, we note that oils sank, a reflection of the decline by crude as yesterday ended. Moreover, the publication of expectations of the MPOB's report (to be released 10 October) showed a moderate 0.7% decline in Malaysian palm inventory between August and September.
In the news, we note that 134KT of U.S. soya meal was sold to the Philippines.
In France, maize harvesting hit 42% as of 1 October according to FranceAgriMer versus 21% last year as of the same date. Planting for winter grains is starting with 8% of barley and 5% of wheat sowed versus 11% and 6% respectively last year.
French customs published grain export statistics for August. A total of 1.48MT of wheat was exported, bringing the overall amount to 2.78MT for the first two months of the campaign (+9% compared to last year).