- Location
- Lincolnshire
- US markets close – Soybeans closed slightly up and in the middle of the range. Corn traded generally unchanged ahead of USDA yield expectations. Wheat traded 16-17c/bu higher and closed at the high following ABARES report.
- The ABARES quarterly S&D lowered 18/19 Aus wheat crop production by 2.8m mt to 19.1m mt, much more in line with trade estimates of 18-19m mt.
- The ABARES quarterly S&D lowered 18/19 Aus barley by 600kt to 8.3m mt with canola down 880kt to 2.8m mt.
- Trade eyes turn to tomorrows USDA report (1700 GMT), with particular interest surrounding the US soybean/corn yields, and production of Canadian wheat (StatsCan 28.98m mt vs USDA 32.5m mt ), Aus wheat (ABARES 19.1m mt vs USDA 22m mt) and EU/Russia exports figures.
- Brussels confirmed last weeks EU shipments of wheat @ 120k mt for a total of 2.85m mt, which is still 41% below last year.
- Rumours were abound in the wires last night that the Russian deputy PM had been quoted suggesting that there was potential for the re-instatement of the 30m mt cap of all-grain exports.
- UK traded higher in to the close (up £3.35 Nov18) following other markets with steady volume and little else pushing the market either way. Physical wheat remains slow following last weeks Vivergo announcement, as the market attempts to digest exactly what it means for UK wheat S&D.
- £ found solid support against a basket of currencies, in particular GBPEU, following a statement from Michel Barnier that it is “realistic” to think that a Brexit deal could be agreed within 6-8 weeks.
London Nov ’18 Settle £177.95/t – up £3.35/tonne from previous close
Paris Dec ’18 Settle €202.00 – up €4.25/tonne from previous close
CBOT Nov ’18 Soybeans Settle $8.4525/bushel – up 2.5 cents/bushel from previous close
CBOT Dec ’18 Corn Settle - $3.6725/bushel – up 0.25 cents/bushel from previous close
CBOT Dec ’18 Wheat Settle – $5.2825/bushel – up 17.25 cents/bushel from previous close
Currency Today:
GBP EUR 1.1239
GBP USD 1.3030
EUR GBP 0.8894
EUR USD 1.1591