Wheat Climbed in Chicago's Wake
By ODA UK | Published at
U.S. wheat prices were making sharp gains as the European session ended. In Paris, as in Chicago, the near-term expiry received more substantial support than other expiries from the 2018-2019 campaign, a sign of some tension in the market. On the European market, the movement was more limited on expiries for the 2019-2020 campaign. Indeed, increases in acreage are expected among Europe's major wheat producing countries (France, Germany, UK, and Poland).
The maize market in Chicago advanced in the wake of wheat. At the same time, Taiwan bought 65KT of maize. Euronext maize did not benefit from wheat's move and finished the session slightly lower. European maize imports continue to slow the market's recovery.
On the oilseeds complex, prices for soybeans were climbing a bit as Euronext closed after a new sale of 120KT of soybeans to an unknown destination.
Nonetheless, the movement was limited in anticipation of the meeting between the U.S. president and the Chinese president at this weekend's G20 in Argentina.
Palm rose slightly. Despite exports being forecast to fall 13% between October and November in Malaysia, traders were reassured by the decline in Indonesia's October inventories to 4.4MT due to strong domestic and export demand.
With the drop in the euro-dollar exchange rate, rapeseed prices finished higher by €1.25/T.