- Location
- Lincolnshire
- US markets – soy lower on lower Brazilian cash prices as large crop weighs – corn higher on heavy rain in US corn belt seen slowing early sowing, rains in Argentina may slow harvest progress too – wheat higher on short covering ahead of key US stocks/planting report tomorrow @ 1700GMT.
- US weather: significant rain will occur for a large portion of the HRW winter wheat region this week and so alleviating further dryness concerns.
- South American weather – showers and thunderstorms are expected in Western Argentina this week (may slow corn harvest). Rain will be frequent in Northern Brazil through early part of next week.
- Algeria reportedly purchased around 200,000t durum wheat. Origins likely to include Canada and the US.
- South Africa raises its 2017 corn output forecast by 3% as rains boost yields. Production may hit 14.3mln t, higher than last month estimate of 13.9mln t.
- Russian press says economy ministers for Russia & Turkey are to meet ‘soon’ to discuss impasse on Russian grain exports to Turkey.
- Matif futures bounce from Monday’s low on short covering in US markets and lower euro offering support. Euro slips on talk that the ECB may keep dovish stance on policy longer than recent reports suggested.
- ‘No turning back’ on Brexit as Article 50 triggered. PM said it was a ‘unique opportunity’ to ‘shape a brighter future’ for the UK.
London May ’17 Settle £148.70/t – up £0.20/t from previous close
Paris May ’17 Settle €166.25 – down €0.50/t from previous close
CBOT May ’17 Corn Settle $3.5850/bushel – up 0.75 cents/bushel from previous close
CBOT May ’17 Wheat Settle $4.2550/bushel – up 1.00 cents/bushel from previous close
Currency Today:
GBP EUR 1.1560
GBP USD 1.2410
EUR GBP 0.8645
EUR USD 1.0735