- Location
- Lincolnshire
- US markets – Soy higher as trade concerned with heavy rains in Argentina with local flooding – Corn higher on firmer soy/crude markets and forecast of heavy rains for the US corn belt – Wheat higher in light trade and lack of selling interest.
- US weather – Southern plains look quiet and mild for the rest of the week/week-end, light and spotty rains seen early next week, average/above average temperatures return by week-end and remain into next week – Midwest sees rain/some snow continuing this week and over the week-end with another system returning rain next week, temperatures will run below average then warming to slightly above average next week.
- FCStone raised its projection for the 2016-17 Brazilian soy crop to 111.6mln t, up from 109.1mln t seen in March – stocks seen at close to 9mln t compared with only 1.5mln t in the previous season.
- FCStone kept its numbers for the 2016-17 Brazilian corn crop at 93.3mln t, pegging corn exports at 28mln t verses 18.9mln t in the previous season.
- UkrAgroConsult ups Ukraine’s 2017 grain crop estimate to 60.9mln t from 60.2mln previously – ups wheat to 24.2mln t (or possibly 25-26mln t) – sees 2017-18 grain exports at 38.8mln t vs 40.3 this season (wheat 14.5 vs 16mln t, maize 19 vs 18.5mln t).
- New wires report that Turkey millers have been buyers of EU (Hungarian) and Black sea wheat to replace Russian imports due to changes in import rules.
London May ’17 Settle £147.30/t – up £0.20/t from previous close
Paris May ’17 Settle €164.00 – unchanged from previous close
CBOT May ’17 Corn Settle $3.6475/bushel – up 1.75 cents/bushel from previous close
CBOT May ’17 Wheat Settle $4.2925/bushel – up 2.75 cents/bushel from previous close
Currency Today:
GBP EUR 1.1695
GBP USD 1.2470
EUR GBP 0.8550
EUR USD 1.0665