Grains higher on technical support and trade talks

[CRM AgriCommodities]

Cereals

• Wheat prices found techincal support levels with Eurnext and Liffe trading at or near key levels.
• France export 1.26MT of wheat in November, higher than October 1.13MT but behing the bumper month of August where 1.48MT were exported. Algeria remained the main destination, purchasing 550KT of French wheat.
• Both wheat and corn benefitted from discussion around Chinese purchases, although confirmation is yet to be made as trade talks continue.
• Analysts expect lower corn production in the US and are keeping a close eye on conditions and yield potential in Brazil.
• Markets continue to await USDA confirmation of a lower US wheat area.
• Wet conditions in Argentina is leading to speculation that there will be further cuts to their wheat crop and quality as harvest draws to a close.

Oilseeds

• Soybeans were in corrective mode following recent gains on trade talk optimism
• OSR prices found support from wider oils sector.
• China/US trade discussion in Beijing will be monitored closely by the market this week.

To see our daily market report you can subscribe here: https://crmagri.us12.list-manage.com/subscribe?u=3ff340f3a7f8fae8fcb7979ba&id=1f138db2f8