Wheat climbs in Chicago after U.S. crop ratings disappoint.
By ODA UK | Published at
On the wheat market, the USDA's crop progress report showed a two-point decline in U.S. winter wheat ratings on the week to 51% "good to excellent," which was below traders' expectations. At the same time, winter wheat planting is behind last year with 84% sowed. This supported Chicago wheat prices, which brought Euronext along in their wake. Nonetheless, the movement was less dramatic on the European market given the euro-dollar exchange rate's slight gain during the session.
According to the crop progress report, 76% of U.S. maize acreage has been harvested versus 68% last year. This had little impact on U.S. prices, which were at equilibrium as the European session ended. Mimicking wheat, Euronext maize made slight gains.
In terms of barley, Jordan bought 60KT for February delivery.
On the oilseeds market, despite good progress by the U.S. soya harvest with 83% of acreage harvested (+11 points on the week), soybean prices were close to equilibrium as the European market closed against a backdrop of hope for the U.S.-China trade war.
Between the decrease in crude and the forecast for larger palm oil inventories in Malaysia for October, palm oil prices continued to fall today. Soybean oil followed the same movement in Chicago.
Penalised by declines in crude and oils, rapeseed prices finished the day down slightly.
Lastly, traders are awaiting the results of U.S. mid-term elections, which are being held today in the United States.