- Location
- Lincolnshire
- US markets – soybeans higher on renewed optimism over the US/Chinese trade talks, sharply reduced Chinese hog size herd. Corn higher in tandem with rest of the trading floor, Chinese optimism. Wheat higher following beans/corn market technical.
- CCTC report showed a/o w/e 12th March, managed money had little changed their short CBOT wheat position, reported at 72148 contracts, but had continued to extend their short corn and soybean positions, now reported at 257965 and 90197 contracts respectively.
- US President Trump said last week, that whether a trade deal can be reached with China, would probably be known in the next three or four weeks. Adding that Beijing has been very responsible and very reasonable.
- Chinese stock market closed higher Friday after Premier Li Keqiang vowed strong measures to boost slowing economic growth, saying China will not let economic growth slip out of a reasonable range amid downward pressure on its economy.
- US Mid-west weather forecast has no significant changes to its two-week outlook, as a welcome period of dry weather will follow a current storm system, with many areas seeing at least light precipitation this week with no major storm system expected.
- US Delta/Southeast weather forecast has a welcome stretch of much drier weather to follow. No additional storm systems of significance are currently seen through this week.
- Brazilian weather forecast calls for regular rounds of showers and thunderstorms continuing through to the middle of this week in most of the country’s growing areas.
- Argentine weather forecast is a little wetter overall, as much of Argentina has adequate soil moisture.
- Argentina’s soybean harvest will likely by 54mln t in the 2018-19 season, an increase from the previous estimate of 52mln t, the Rosario grains exchange said. While also increasing its projected corn harvest estimate to 47.3mln t from 46.5mln t previously.
- Iran expects its wheat crop to almost double to 4mln t this year, after more rainfall encouraged farmers to sow the grain, its Ag Ministry said. The country produced 2.17mln t in 2018 and had expected to grow 3mln t in 2019.
- Ukraine’s Ag Minister reported that 87% of the winter grain crop was in good to satisfactory condition, with the winter rapeseed crop rated at 91% good or satisfactory.
- Ukrainian traders have almost exhausted the milling export quota for the 2018-19 season, having exported 7.7mln t of the agreed 8mln t, a senior Ag Minister commented.
- Strategie Grains left its forecast for EU cereal production unchanged, still expecting an 11% on-year increase in the 2019-20 season. Corn production seen at 63mln t, barley 61.8mln t, soft wheat 146.1mln t and durum wheat at 7.9mln t.
- Farm office FranceAgriMer estimated that 85% of French soft wheat was in good/excellent condition a/o March 11th, vs 86% a week earlier, and compared with an 80% rating at the same point last year.
London May ’19 Settle £162.55/t – up £0.60/tonne from previous close
Paris May ’19 Settle €189.25 – up €1.50/tonne from previous close
CBOT May ’19 Soybeans Settle - $9.0925/bushel – up 10.75 cents/bushel from previous close
CBOT May ’19 Corn Settle - $3.7325/bushel – up 3.00 cents/bushel from previous close
CBOT May ’19 Wheat Settle – $4.6225/bushel – up 9.50 cents/bushel from previous close
Currency Today:
GBP EUR 1.1655
GBP USD 1.3230
EUR GBP 0.8575
EUR USD 1.1350