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Gleadell Daily Grain Comment - 10 August 2018

Discussion in 'Arable Market Commentary' started by Gleadell, Aug 10, 2018.

  1. Gleadell

    Gleadell Member

    Location:
    Lincolnshire
    • US markets close – soybeans lower despite the early move higher on EU bean purchase. Corn lower on choppy two-sided trading. Wheat lower on sluggish US sales data, weaker EU markets and pre-report profit taking.
    • US Midwest weather forecast has changed again and now sees rains for much of the region next week, with temperatures running average to above.
    • US 11-16 day weather forecast sees close to average rains in the Midwest with temperatures average to a bit above.
    • Argentina is expected to produce a record crop of wheat and corn during the 2018-19 season, as farmers planted more hectares of both than in previous years, the Rosario Grain Exchange said, citing the wheat crop could reach 21mln t and the corn crop 45-46mln t.
    • Russia condemned a new round of US sanctions as draconian. after news of the measures sent the rouble tumbling to a 2-yr low. and sparked a wider sell-off fears that Moscow was locked in a spiral of never-ending sanctions.
    • Analysts at Strategie Grains made another steep cut to their estimates for this year’s EU soft wheat harvest, projecting the crop at 127.7mln t, compared with 132.4mln t estimated a month ago, citing ‘catastrophic’ yields in Germany and Scandinavia for the decline.
    • Farming agency FranceAgriMer said in a harvest update that France’s soft wheat crop was showing good milling quality, with average protein content above 11.5%, and test weights of above 76kg/hl in all regions.
    Last Trade Settlement:

    London Nov ’18 Settle £192.40/t – down £2.25/tonne from previous close

    Paris Dec ’18 Settle €213.00 – down €2.25/tonne from previous close

    CBOT Nov ’18 Soybeans Settle - $9.0400/bushel – down 6.50 cents/bushel from previous close

    CBOT Dec ’18 Corn Settle - $3.8275/bushel – down 2.255 cents/bushel from previous close

    CBOT Dec ’18 Wheat Settle – $5.8650/bushel – down .4.75 cents/bushel from previous close

    Currency Today:

    GBP EUR 1.1130

    GBP USD 1.2755

    EUR GBP 0.8980

    EUR USD 1.1457
     

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