CRM Agri - Daily Market Update

[CRM AgriCommodities]

Cereals

• Wheat prices were supported today in the US due to concerns over dry conditions in parts of Australia and the Black Sea.
• Corn supported ahead of Fridays USDA report which will likely be a factor of significant influence over trade this week.
• Egypt bought 230,000T of Russian and Ukrainian wheat over the weekend.
• A weaker dollar supported US commodity markets further today.

Oilseeds

• OSR recovers from Friday's losses as soybeans find support from strong exports out of the US.
• According to Strategie Grains, the EU OSR area will rise slightly by 100Kha in 2016.
• According to CFTC, last week speculators cut their bearish bets by 21,000 lots which supported prices.
• Markets remain focused upon the 2015 production figure from the US and China's demand for soybeans.

Macro

• Glencore's agricultural assets remain of interest to potential buyers including Chinese and Saudi Arabian buyers.
• Stock markets found support today on expectations that there would not be a US interest rate hike any time soon.