October 28th

Market Report

Status quo on cereals yesterday in a market that is becoming a little more hesitant between tense balances and demand that is becoming more fragile given the new cases of covid observed in the world, particularly in China.

On the international scene, Egypt bought 180,000 t of wheat from Russia, 120,000 t from Ukraine and 60,000 t from Romania, for loading between December 1 and 10.

Sowing conditions in France for winter crops remain favorable. However, a change in weather is expected over the weekend. In addition to soaring fertilizer prices, logistical difficulties have arisen due to a shortage of trucks, which is hampering deliveries.

Corn harvesting is continuing with globally satisfactory yields, even if maturity is delayed, and therefore with increased drying costs due to the price of energy.

Palm oil is losing ground this morning, as are other vegetable oils. This could weigh on rapeseed prices, at least in the short term. Canola on the other hand was still up yesterday in Canada.

The dollar is little changed this morning at 1.1605 against the euro and 70.60 against the ruble. Oil is losing ground at 81.06 usd/barrel in New York.

American market
Corn prices were firm yesterday in Chicago in the context of a slowdown in harvesting due to rain, combined with questions about future plantings next spring given the rise in fertilizer prices. In addition, ethanol production continues to rise with 1.106 million barrels per day this week. In addition, ethanol inventories are falling, posted at 19.925 million barrels according to the EPA.

Traders will be closely watching the dirty exports that will be posted tonight. This morning in the pre-opening hours, the markets are down.

Funds were net buyers yesterday for 12,500 lots of corn, 3,000 lots of soybeans and 4,000 lots of wheat.