CRM Agri - 100% independent daily grain market update

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Cereals

• Wheat prices came under pressure on both sides of the Atlantic as global supplies weighed on markets, whilst UK wheat reached technical resistance levels (see chart of the day)
• Egyptian government continue purchasing wheat from local farmers having now bought 1.7MT since harvest began.
• Informa lowered its forecast for US corn planted area to 89.7Mac.
• It is expected that US farmers will have planted around 65-70% of total corn area in tonights crop progress report which would be around 5% below average.

Oilseeds

• Informa Economics increase estimate for US soybean area planted to 89.66 Mac similar to that of corn.
• A Reuters survey shows that analysts expect US soybean plantings to be at 28% vs 32% 5yr average.
• Europe is expected to remain warm over the next 5-10 days with abnormal levels of rainfall expected across the US plains and Midwest.
• Crude oil was firm today as OPEC reached agreements with Russia to extend production cuts to Early 2018.

Chart of the Day - LIFFE Wheat Nov-17

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Futures & Options prices

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