Market update week 45
FranceAgriMer issued an update last Thursday on the progress of fieldwork in France as of October 28:
• Wheat sowing reached 41%, up from 21% the previous week, but remains below the seasonal average of 65%.
• Winter barley sowing stands at 62%, an increase from 38% the prior week, though still behind the usual 80% for this period.
• Corn harvesting reached 38%, an improvement from 25% the previous week, yet lags behind the average of 81%.
FranceAgriMer issued an update last Thursday on the progress of fieldwork in France as of October 28:
• Wheat sowing reached 41%, up from 21% the previous week, but remains below the seasonal average of 65%.
• Winter barley sowing stands at 62%, an increase from 38% the prior week, though still behind the usual 80% for this period.
• Corn harvesting reached 38%, an improvement from 25% the previous week, yet lags behind the average of 81%.
Meanwhile, Egypt’s GASC purchased 290,000 tons of European wheat, which includes 120,000 tons sourced from Ukraine, another 120,000 tons from Romania, and 50,000 tons from Bulgaria. The FOB prices for these purchases ranged between $252.50 and $261 per ton. Russian wheat offers, priced initially at $265 per ton FOB, were plentiful, while French wheat prices remained on the higher side.
Meanwhile, Egypt’s GASC purchased 290,000 tons of European wheat, which includes 120,000 tons sourced from Ukraine, another 120,000 tons from Romania, and 50,000 tons from Bulgaria. The FOB prices for these purchases ranged between $252.50 and $261 per ton. Russian wheat offers, priced initially at $265 per ton FOB, were plentiful, while French wheat prices remained on the higher side.
After the initial news of Donald Trump being re-elected as president, the dollar began to increase in value. We saw a similar trend in 2016 after his first election. From the moment he officially became president (January 20, 2017), however, the dollar declined sharply in value. Whether we will see a similar trend this time is impossible to predict, but it seems likely. The current rise in the dollar appears, for now, to be due to a sell-off of U.S. bonds (leading to rising interest rates). Bond investors are doing this because they expect higher inflation under Trump.
After the initial news of Donald Trump being re-elected as president, the dollar began to increase in value. We saw a similar trend in 2016 after his first election. From the moment he officially became president (January 20, 2017), however, the dollar declined sharply in value. Whether we will see a similar trend this time is impossible to predict, but it seems likely. The current rise in the dollar appears, for now, to be due to a sell-off of U.S. bonds (leading to rising interest rates). Bond investors are doing this because they expect higher inflation under Trump.