- Location
- Lincolnshire
- US markets close – Soy higher despite talk of more US tariff, as importers may switch to the US as now cheaper than Brazil. Corn slightly lower on concern higher prices may trigger farmer selling, although talk of wet/cold condition supports. Wheat higher as talk of US weather may lower 2018 spring wheat plantings and the US HRW crop.
- CFTC reports showed that a/o 4th April, managed funds trimmed their Chicago wheat short by 4334 contracts (now seen 73418 contracts short), also trimming their long KCBT position by 4738 contracts (22143), and extending their short MGE position by 967 contracts.
- CFTC reports showed that a/o 4th April, managed funds extended their Chicago corn long by 23276 contracts (now seen 140167 contracts long), but trimmed their Chicago soy long by 2424 contracts (now seen 181154 contracts long).
- Amid wide criticism, Trump escalates trade tensions with China with additional tariff, threatening to put tariffs on $100bln on Chinese imports, drawing strong opposition from China and threatening America’s own economic growth.
- US southern plains weather sees little change with light to scattered rains for the western parts of the region, and light to moderate rains for the eastern parts, system due over the weekend and another at the end of the week – temperatures seen average to below average.
- US Midwest has an active pattern bringing above average precipitation to the region over this week, which will come with below average temperatures, heavy rains seen for much of the area by the end of this week.
- Argentine weather forecast has limited rains for most of the week, with rainfall in the 6-10 day period light to moderate, with widespread coverage.
- Brazilian weather forecast has light to moderate rains seen for northern Brazil over next 5 days, as well as in the 6-10 day forecast, with rest of Brazil seeing only light amounts - temperatures look to run near average in most of South America over the near-term.
- Argentine farmers are expected to harvest 38mln t of soybeans in the 2017-18 season, BAGE reported, lowering its crop estimate from a previous 39.5mln t, 34% below last year’s crop – corn crop estimate was left unchanged at 32mln t.
- FranceAgriMer estimates 78% of French soft wheat in good/excellent condition, unchanged on the week.
Last Trade Settlement:
London May ’18 Settle £145.10/t – up £0.05/tonne from previous close
Paris May ’18 Settle €167.00 – up €0.25/tonne from previous close
CBOT May ’18 Corn Settle - $3.8850/bushel – down 1.00 cents/bushel from previous close
CBOT May ’18 Wheat Settle – $4.7225/bushel – up 7.50 cents/bushel from previous close
Currency Today:
GBP EUR 1.1490
GBP USD 1.4110
EUR GBP 0.8700
EUR USD 1.2280