- Location
- Lincolnshire
- US markets close – Soybeans lower on pre-report selling, expecting bearish numbers. Corn lower despite the E15 announcement. Wheat lower on higher Russian production and talk of higher grain exports.
- US Midwest weather forecast has improving weather for the NW, with most areas dry over the next few days, before light/moderate rains fall in the southern parts over the weekend/into Monday. Rest of the week looking fairly quiet. Temperatures trending towards average.
- US Southern Plains has rains finishing up by Sunday then turning mainly dry across the region over the next 10 days.
- US export inspections had US wheat exports running 29% behind a year ago with the USDA currently forecasting a 14% increase. Corn is 62% ahead (forecast down 1%) and soybeans 35% behind (forecast down 3%).
- US President launched an effort to increase ethanol usage, lifting the ban on summer sales of E15 gasoline, citing ‘ My administration is protecting ethanol… Today we are unleashing the power of E15 to fuel our country all year long’.
- The USDA’s $12bln package to offset farmers’ losses from the imposition of tariffs on US exports, could end up shrinking after an agreement to update the NAFTA was struck.
- Excessive rains across the central US over the past week have slowed harvests of corn and soybeans, while rising water levels have closed locks on the upper Mississippi, causing firmer cash bids by US gulf exporters, reflecting export demand and dwindling pipeline supplies.
- Morocco saw an overall increase in the 2017-18 crop year despite late rain, according to stats released by the Ag Ministry, as cereal production reached 10.3mln t, up 7.3% from last year’s crop.
- China’s CNGOIC estimates the 2018-19 soybean production at 15.5mln t, down 300,000t from the previous estimate due to frost damage. Also sees the 2018-19 corn production at 216.5mln t, up 0.3% from last year.
- Russia is expected to export between 30-35mln t of grain in the 2018-19 marketing year, the deputy PM said. Up from the previously expected forecast of Russian 2018-19 grain exports of 30mln t.
- Russian Ag Ministry expects the 2018 grain harvest to reach 106mln t, up from 105mln t previously, citing a ministry official who commented that the wheat harvest forecast would be raised to 68-69mln t, up from 64.4mln t previously.
- France’s farm ministry raised its forecast of 2018-19 non-EU soft wheat exports to 8.75mln t, up from 8.5mln t last month. Intra-EU exports were cut from 8.1mln t to 7.9mln t, with projected ending stocks lowered marginally from 2.5mln t to 2.4mln t.
London Nov ’18 Settle £176.85/t – down £1.95/tonne from previous close
Paris Dec ’18 Settle €202.75 – down €0.75/tonne from previous close
CBOT Nov ’18 Soybeans Settle - $8.5225/bushel – down 10.75 cents/bushel from previous close
CBOT Dec ’18 Corn Settle - $3.6275/bushel – down 1.75 cents/bushel from previous close
CBOT Dec ’18 Wheat Settle – $5.1050/bushel – down 4.50 cents/bushel from previous close
Currency Today:
GBP EUR 1.1425
GBP USD 1.3195
EUR GBP 0.8750
EUR USD 1.1550