The EUR/USD currency pair rose to 1.0592. The price of US WTI light crude oil increased to $69.16 per barrel.

Oil prices climbed on Monday following intensified clashes between Russia and Ukraine over the weekend, although concerns over fuel demand in China, the world’s second-largest consumer, and forecasts of a global surplus weighed on the markets. On Sunday, Russia launched a major airstrike on Ukraine, causing significant damage to the Ukrainian energy system. In a significant shift in Washington's policy regarding the conflict, President Joe Biden's administration has allowed Ukraine to use U.S.-manufactured weapons for strikes deep into Russia.

China's refinery output decreased by 4.6% year-on-year in October, while the country’s industrial production growth slowed last month, according to government data released on Friday. Investors are also concerned about the pace and extent of interest rate cuts by the U.S. Federal Reserve, adding uncertainty to global financial markets.

Wheat:
Yesterday, March wheat futures in Chicago rose by 11 3/4 cents to $5.65 3/4 per bushel. Wheat futures increased in both Chicago and Paris. Over the weekend, the United States allowed Ukraine to strike Russian territory without restrictions. However, this move is more political and unlikely to significantly impact the conflict. Targets are still coordinated with the U.S., and Ukraine’s stockpile of long-range missiles is running low. The market reacted to the news, though this response is likely to be short-lived. 

As of November 17, 2024, winter wheat in the United States has been planted on 94% of the planned areas (76% a week earlier, 85% a year earlier, 84% on average over the past five years). Emergence is at 84% (76%, 85%, 84%). Around 49% of the crops are rated in good to excellent condition (44% a week earlier, 48% a year earlier). Rainfall has positively impacted the crops, with more precipitation expected. 

During the week ending November 14, 2024, U.S. wheat export inspections totaled 196,281 tons (353,407 tons the previous week, 378,048 tons a year earlier). Season-to-date exports amount to 10.32 million tons (compared to 7.86 million tons last year). Algeria is seeking to purchase at least 50,000 tons of durum wheat, while South Korea’s MFG purchased 65,000 tons of feed wheat at 261.8 USD/ton, including unloading and February delivery.

Corn:
Yesterday, CBOT March corn futures rose by 4 1/2 cents to $4.39 3/4 per bushel. Corn futures increased in both Chicago and Paris, supported by strength in the wheat market. The U.S. corn harvesting campaign is now 100% complete. Weekly U.S. corn export inspections reached 820,608 tons (797,247 tons the previous week, 601,068 tons a year earlier). Season-to-date exports stand at 9.06 million tons (6.87 million tons last year). 

In Brazil, the first corn crop in the Central-South region has been planted on 86% of the planned areas (80% last year). Argentina’s planting progress is also at 86% (72% last year, 80% average). Both countries have adequate moisture, and crops are developing well. 

In November, China’s corn imports will not exceed 250,000 tons (down 60,000 tons compared to October). August imports were 430,000 tons (-64%), while September imports were 310,000 tons, the lowest level since March 2020. The decline is due to government recommendations to limit shipments.

Soybeans:
Yesterday, Chicago January soybean futures rose by 11 1/4 cents to $10.09 3/4 per bushel. The soybean complex in Chicago, rapeseed futures in Paris, and canola futures in Canada all saw gains. The USDA reported private export sales of 261,264 tons of soybeans to Mexico, 135,000 tons of soymeal to the Philippines, and 30,000 tons of soyoil to India. The U.S. soybean harvesting campaign is now 100% complete. Weekly U.S. soybean export inspections reached 2,165,075 tons (2,363,141 tons the previous week, 1,631,531 tons a year earlier). Season-to-date exports total 10.32 million tons (7.86 million tons last year). 

According to AgRural, as of November 14, 2024, 80% of the planned soybean areas in Brazil have been planted (68% last year). The premium for high-oleic sunseed in Ukraine rose to 96 USD/ton.

Changes in China's customs policy are expected to reduce used cooking oil exports and lower demand for palm oil. Indonesia is preparing to introduce B40 biodiesel by 2025. In October, Indonesia’s palm oil exports reached 2.258 million tons (1.79 million tons in September).