- Location
- Lincolnshire
- US markets – Soy traded lower, as continued long liquidation and higher US area weighs – Corn higher as US area lower than trade expectations – Wheat higher on short covering after USDA confirmed lower US acreage, although MGE closed lower on smaller drop in spring acreage.
- USDA forecasts US 2017 all-wheat plantings at 46.059mln acres, down 7.2% y/y – March 1st stocks estimated at 1.655bln bushels, up 21% y/y.
- USDA forecasts US 2017 corn plantings at 89.996mln acres, down 4.3% y/y – March 1st stocks estimated at 8.616bln bushels, up 10% y/y.
- USDA forecast US 2017 soybean plantings at 89.482mln acres, up 7.2% y/y – March 1st stocks estimated at 1.735bln bushels, up 13% y/y.
- CFTC report showed a/o 28th March managed money funds had extended their short position in Chicago wheat by 15,145 contracts – now seen 136,150 contracts short (18.5mln t).
- IGC (International Grains Council) forecast a drawdown in global grain stocks in 2017-18 for the first time in 5 seasons, amid falling production and rising consumption.
- Informa sees Brazilian soy and corn production at 111mln t and 95mln t respectively, Argentine soy and corn at 57.5mln t and 38.2mln t respectively – (USDA currently at 108 and 91.5 for Brazil and 55.5 and 37.5 for Argentina).
- French AgriMer rated 90% of soft wheat as being in good or excellent condition, down from 91% a week earlier.
Last Trade Settle:
London May ’17 Settle £147.00/t – down £0.75/t from previous close
Paris May ’17 Settle €164.50 – up €0.75/t from previous close
CBOT May ’17 Corn Settle $3.6425/bushel – up 6.75 cents/bushel from previous close
CBOT May ’17 Wheat Settle $4.2650/bushel – up 5.50 cents/bushel from previous close
Currency Today:
GBP EUR 1.1735
GBP USD 1.2515
EUR GBP 0.8515
EUR USD 1.0660