ODA Market Highlights - 11/01/2019

Markets Rebound on Both Sides of the Atlantic

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In the last session of the week, wheat prices in Chicago were rebounding significantly as the European session closed. Along with promising graphic factors on the U.S. market today, U.S. traders seem confident about future exports. After the multiple international purchases that fueled the market in recent days, an Indonesian group bought Argentinean wheat for February/March delivery. Euronext wheat followed U.S. wheat and regained yesterday's losses. The euro-dollar exchange rate fell back below 1.15, a reassuring factor for the competitiveness of European wheat exports.

U.S. and European maize prices benefited from wheat's gains and rose, although more moderately. Turkey launched a call to tender for 342KT of maize (January/March delivery).

Rapeseed prices climbed during the session in the wake of international oilseeds markets.

On the soya complex, optimism returned today after the U.S. House of Representatives passed a bill to open agencies that track agricultural and transportation statistics in the United States. The bill must now be approved by the Senate.

Oils also increased a bit despite a drop in crude prices after eight consecutive sessions of gains.