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Arable Farming
Arable Market Commentary
Gleadell Daily Grain Comment 03/04/17
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<blockquote data-quote="ADM Agriculture" data-source="post: 3669502" data-attributes="member: 6746"><p> <ul> <li data-xf-list-type="ul">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.<br /> </li> <li data-xf-list-type="ul">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.<br /> </li> <li data-xf-list-type="ul">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.<br /> </li> <li data-xf-list-type="ul">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.<br /> </li> <li data-xf-list-type="ul">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).<br /> </li> <li data-xf-list-type="ul">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.<br /> </li> <li data-xf-list-type="ul">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).<br /> </li> <li data-xf-list-type="ul">French AgriMer rated 90% of soft wheat as being in good or excellent condition, down from 91% a week earlier.</li> </ul><p></p><p><strong>Last Trade Settle:</strong></p><p>London May ’17 Settle £147.00/t – down £0.75/t from previous close </p><p>Paris May ’17 Settle €164.50 – up €0.75/t from previous close</p><p>CBOT May ’17 Corn Settle $3.6425/bushel – up 6.75 cents/bushel from previous close</p><p>CBOT May ’17 Wheat Settle $4.2650/bushel – up 5.50 cents/bushel from previous close</p><p></p><p><strong>Currency Today:</strong></p><p>GBP EUR 1.1735</p><p>GBP USD 1.2515</p><p>EUR GBP 0.8515</p><p>EUR USD 1.0660</p></blockquote><p></p>
[QUOTE="ADM Agriculture, post: 3669502, member: 6746"] [LIST] [*]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. [/LIST] [B]Last Trade Settle:[/B] 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 [B]Currency Today:[/B] GBP EUR 1.1735 GBP USD 1.2515 EUR GBP 0.8515 EUR USD 1.0660 [/QUOTE]
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Gleadell Daily Grain Comment 03/04/17
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