- Location
- Lincolnshire
- US markets close – Soy higher on lower-than-expected US/Global stocks. Corn slightly lower as US stocks came in on line with trade expectation, lower global stocks supports. Wheat higher and well off the low, despite bearish report – liquidation of intra market spreads.
- USDA raised US wheat, corn stocks and trimmed soy stocks on higher crush number. Global wheat stocks increased, although corn and soy stocks lowered mainly due to downward revisions in South American production.
- Yesterday’s US export inspections report showed wheat exports running 9% behind y/y (vs a projected 12% y/y decline) Corn down 23% y/y (vs a projected 3% decline) and soybean down 12% y/y (vs a projected 5% decline).
- NASS reported US winter wheat ratings at 30% good/excellent, down from 32% last week and 53% a year ago, crop was 3% headed vs 4% as 5-yr average – Spring wheat plantings seen at 2% vs 6% average with corn plantings 2% vs 2% average.
- US southern plains weather has little precipitation this week and over the next 6-10 day forecast, with only light precipitation possible for KA, OK and TX over the weekend – temperatures to remain average/ above average for most of the next 10 days.
- US Midwest weather has things quiet before widespread, some heavy precipitation is seen coming this weekend, before quieting down again early next week – temperatures variable, but mostly below average for the next 10 days.
- Argentine weather forecast has rains over the next couple of days, before quieting down over the weekend and next week.
- Brazilian weather forecast has light to moderate rains seen for northern Brazil , little elsewhere in the medium to extended outlook – temperatures are seen running average/above average for all South American regions.
- CONAB estimated the Brazilian soybean crop at 115mln t, up from a previous estimate of 113mln t, which would surpass the previous season’s record production of 114.1mln t – also raised corn production to 88.6mln t, up from a previous estimate of 87.2mln t.
Last Trade Settlement:
London May ’18 Settle £145.75/t – down £0.05/tonne from previous close
Paris May ’18 Settle €167.50 – down €0.50/tonne from previous close
CBOT May ’18 Corn Settle - $3.8925/bushel – down 1.50 cents/bushel from previous close
CBOT May ’18 Wheat Settle – $4.9200/bushel – up 1.25 cents/bushel from previous close
Currency Today:
GBP EUR 1.1470
GBP USD 1.4195
EUR GBP 0.8715
EUR USD 1.2370