- Location
- Lincolnshire
- US markets – soybeans higher on solid exports and more threatening weather forecast. Corn higher on firmer soy market and shifting hot ridge into the western corn-belt. Wheat lower on continued profit-taking, despite US, Canadian, and EU weather issues, but traded higher overnight.
- CFTC report showed a/o 4th July managed funds has switched their Chicago wheat position to be long 18003 contracts (2.45mln t). Extended Kansas City long position by 10686 contracts and MGEX long position by 4510 contracts.
- US weather – mid-west forecast has rains for the Northwest sections, limited rains elsewhere, temps average to above.
- US weather – northern plains forecast remains with below average precipitation, temps going from the 80’s to some 100’s.
- US weather – 11-16 day forecast has ridging in the western US and NW flow into the central US to produce average/below average precipitation in the plains, Midwest and Delta. Temps above average in the plains, western Midwest, average in eastern Midwest and Delta.
- More than 6mln mu (400,000 hectares) of farmland in China NE Liaoning province is still affected by drought, despite recent rainfall according to state sources.
- Russian exports of wheat increased to 10.1mln t in the first five months of 2017, up from 8.3mln t a year earlier according to Russian Ag Ministry.
- Egypt’s GASC purchased 115,000t of Russian wheat over the weekend, for August 10-20 shipment. Price paid was about $5-8 higher than a few days earlier due to firmer FOB and freight costs.
- The condition of French soft wheat improved slightly in the w/e 3 July, while harvest advanced only slowly. 66% of the soft wheat crops were rated good or excellent, up from 65% the previous week.
London Nov ’17 Settle £151.00/t – up £0.90/t from previous close
Paris Dec ’17 Settle €185.50 – up €1.25/t from previous close
CBOT Dec ’17 Corn Settle $4.0475/bushel – up 2.00 cents/bushel from previous close
CBOT Dec ’17 Wheat Settle $5.5775/bushel – down 3.50 cents/bushel from previous close
Currency Today:
GBP EUR 1.1290
GBP USD 1.2860
EUR GBP 0.8850
EUR USD 1.1385