- Location
- Lincolnshire
- US markets – soy higher on fund buying as July hits new contract low. Corn higher on lower than expected crop ratings, and talk of reduced acreage. Wheat unchanged after initial move higher on poor crop ratings, US wheat $20 too expensive on Egyptian tender.
- Earliest reports from the start of the US HRW wheat harvest confirms industry fears of a second straight year of low protein, a factor that shifts the market’s focus to prospects for the North American spring wheat crop, a higher protein variety.
- Wire stories report that China’s soybean importers are pushing to postpone or cancel cargoes, mainly ordered from Brazilian suppliers, as they rack-up hefty losses processing the commodity as crush margins decline.
- Egypt’s GASC purchased 180,000t of wheat for July 1-10 shipment (60 Romanian/120 Russian). Prices paid were $201.56-$203.14 CIF, and looked aggressive against the Russian 12.5% pro market, given the $10 GASC costings due to contract changes.
- Egyptian government has procured 3.6mln t of domestic wheat from local farmers since the harvest began in mid-April, targeting to procure between 3.5 and 4.0mln t of local wheat this year.
- Coceral lowered its 2017 outlook for cereal production in the EU, mainly due to drought. Soft wheat production now seen at 142mln t, down from 144.8mln t in March, although still above last year’s crop of 135.5mln t.
London Nov ’17 Settle £142.05/t – up £0.55/t from previous close
Paris Dec ’17 Settle €171.25 – up €0.25/t from previous close
CBOT Dec ’17 Corn Settle $3.9100/bushel – up 5.25 cents/bushel from previous close
CBOT Dec ’17 Wheat Settle $4.6650/bushel – unchanged from previous close
Currency Today:
GBP EUR 1.1470
GBP USD 1.2885
EUR GBP 0.8715
EUR USD 1.1230