U.S. soya rebounds after China signals easing tensions in its trade conflict with the United States.
By ODA UK | Published at
On the oilseeds complex, soybean prices in Chicago had rebounded 1.7% as the European session ended with an uptick in optimism about the trade conflict between the United States and China. Indeed, for the first time in its history, China opened the door to rice imports from the United States. Soya welcomed China's gesture as a positive sign. U.S. soybean oil and soya meal, as well as Canadian canola, followed the movement.
Given the situation, European rapeseed finished the session higher, negating yesterday's losses.
In wheat, with limited news during the year-end holiday period, Euronext finished the session near equilibrium, split between Chicago's slight gains and an increase in the euro-dollar exchange rate to nearly $1.145. U.S. export sales figures are not available due to the "shutdown" in the United States (the partial closure of the U.S. government due to the lack of a budget agreement).
European maize prices continued to climb despite the euro's advance during the session. The Jan.-19 expiry is nearing its close (07/01/2019). As a result, its liquidity is sharply lower.
Lastly, Euronext will be open 10h45 to 14h on Monday for the final session of 2018. European and U.S. markets will be closed on 1 January. The next edition of our ODA Info will be published Wednesday, 2 January.
The entire ODA team wishes you happy holidays.