ODA Market Highlights - 06/02/2019

Wheat Sinks on Euronext

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Euronext wheat sank 0.5% today despite the euro's 0.2% decline against the dollar. FranceAgriMer raised its estimate of wheat ending stock somewhat. Drops in feed consumption and European exports were not compensated by a 150KT increase in exports to non-EU countries. At 8.85MT, these exports could be revised higher again in coming months.

FranceAgriMer also raised its estimates of maize and barley ending stocks by 200KT.

U.S. grains were very stable today ahead of Friday's publication of the USDA report.

On the oilseeds market, soya prices found little support despite China's purchase of 523KT of U.S. soya for the 2018-2019 campaign and 63KT for 2019-2020. Despite this limited gain, soybean oil prices rebounded 1.2% during the session by hitting their highest level since July 2017.

With support from a drop in the euro-dollar exchange rate and gains by canola, rapeseed prices finished slightly higher.