Bulls spooked as US wheat price falls to contract lows

CRM AgriCommodities

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Arable Farmer
Location
UK
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Cereals
  • CBOT wheat prices hit new lows today as traders sold positions and global supplies weighed.
  • Lower than expected US winter wheat crop ratings was not enough to feed the bulls appetite to buy, despite being at 52% 'GD/EX' vs 58% last year.
  • US exporters sell 100KT of HRW wheat to Iraq for 2017/18.
  • Rains across Eastern Australia are expected to slow early harvest progress next week whilst Brazilian farmers are looking to catchup on soybeans plantings.
  • The recovery of the Euro in recent days weighed on EU wheat prices today with a strong jump in the sterling having similar consequences for LIFFE wheat.
  • Monthly performance: LIFFE wheat -3.7%, Euronext wheat -2.4%, CBOT wheat -6.1%, Euronext maize -2.7%, CBOT corn -2.6%.

Oilseeds
  • Oilseeds were mixed with EU rapeseed values consolidating after the recent rally.
  • Canadian canola followed soyoil higher and helped underpin vegetable oil markets.
  • In Brazil, the current pace of soybean plantings is around 10% behind last year due to the dry conditions seen, particularly in Goais.
  • Monthly performance: Euronext rapeseed +1%, ICE canola +3.6%, CBOT soybean +0.7%, CBOT soymeal -0.9%, CBOT soyoil +5.4%, BMD palm oil +3.8%.
Chart of the Day #1: US Corn / Soybean harvest progress


Chart of the Day#2: US / Kansas Winter Wheat planting progress


Futures & Options prices
 

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Red Tractor drops launch of green farming scheme amid anger from farmers

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As reported in Independent


quote: “Red Tractor has confirmed it is dropping plans to launch its green farming assurance standard in April“

read the TFF thread here: https://thefarmingforum.co.uk/index.php?threads/gfc-was-to-go-ahead-now-not-going-ahead.405234/
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