COTidienne | Cereals – Little change in cereal prices, due to the CBOT closure for Thanksgiving

THE prix soft wheat and corn have changed little on Euronext (apart from the December deadline which is no longer a reference) and thus on the walk hexagonal physics, due to the closure of the flagship indicator that constitutes the CBOT for the Thanksgiving festivities. The courses of thebarley fodder on hexagonal squares are also rather stable overall. The session of CBOT will be shortened today (closing at 1:00 p.m.), suggesting a low level of trade.

To find out everything about agricultural market news, click here

The production of wheat of the EU is estimated at 112.3 Mt this year in its report of November 28. Without much effect on prices.

On the commercial level, Tunisia purchased 100,000 t of milling wheat at $257.5-260/t C&F, to be loaded in December-January 2024-2025, as well as 100,000 t of durum wheatbetween $346.71/t and $368.07/t, to be charged over December-January 2024-2025.

Let us point out an important event to monitor, which could have effects on international futures prices: the Mostakbal Misr Agency, created in 2022 by presidential decree, whose aim is to rehabilitate arable land in Egypt, announced that it seeks to secure the country's supplies of wheat and oil through direct purchases. She is currently looking for wheat for loading in January, on a CIF basis. Remember that usually, it is the GASC which carries out this task, via public calls for tenders. The media Reuters reports a testimony from an anonymous trader, who speaks of a means forEgypt to circumvent the unofficial minimum price system recommended by the Russian authorities. Russian exporters, however, said they would not sell wheat to the Egyptian agency unless Egypt notifies them that it is acting on behalf of the government, the media outlet reported. The Union of Russian Grain Exporters said it knew nothing about the owners of the new entity or its financial situation.
Reuters reports that representatives from Mostakbal Misr were present during the last GASC wheat tender on November 4, overseeing the process, via assertions from two Egyptian traders who attended the negotiations. They suspect the agency of wanting to supplant the GASC, they explain to the media. This will not be easy given the experience and network of the GASC. However, if trust is established and payments are made on time, the situation could change, unnamed operators told Reuters.

In butnote that the AGPM (General Association of Corn Producers) expects a French harvest of 13.9 Mt in 2024, compared to 14.4 Mt in the latest forecast from the statistical services of the Ministry of Agriculture (Agreste) .
The European Commission has revised EU corn production upwards, to a level close to 60 Mt.

To find out everything about the latest news from professionals in the grain sector, click here

Fundamentals:

• EU, wheat, production : 112.3 Mt in November 2024, 112.6 Mt previously (source: European Commission);
• EU, corn, production : 59.6 Mt in November 2024, 58 Mt in October 2024 (source: European Commission);
• France, corn, production : 13,9 Mt en 2024 (source : AGPM).

Commerce international :

• Tunisia, soft wheat, purchase : 100,000 t at $257.5-260/t C&F, loadings December-January 2024-2025 (private source);
• Tunisia, durum wheat, purchase : 100,000 t at $346.71/t to $368.07/t, loadings December-January 2024-2025 (private source).

French physical markets from November 28, 2024 (July base for cereals)

Quotations of milling products from November 26, 2024

Commercial quotes for dairy products from November 21, 2024

Evolution dollar / euro du 28 novembre 2024

Chicago Futures Market Closes November 27, 2024

Closing of the Euronext futures market on November 28, 2024

International market quotes from November 28, 2024