- Location
- Lincolnshire
- The USDA report was released last night with first global S&D estimates for crop ‘16/17. Wheat saw increases in global ending stocks, above average analysts estimates, for both 15/16 & 16/17 with 16/17 being 14.3m mt above avg estimate. Soy balanced this with a small reduction in 15/16 global ending stock but a reduction of 5m mt in 16/17 ending stocks (6.8% below avg. estimates). Corn was relatively in line with expectations.
- Wheat and corn held relatively level on the back of last night’s report as supply remains heavy, however Soy saw a big move upwards and is up c.45c/bu from this time yesterday and hits near-2 year highs.
- UK bids for physical wheat remained at similar values for old crop yesterday for most, as Nov16 Liffe futures dipped lower. 16/17 physical basis remains around historically normal levels for the Midlands and North with the South being marginally below.
- BoE Interest Decision and Quantitative Easing is reported tomorrow @ 12.00BST.
- The forecast sees little change on the week so far.
Last Trade Settle:
London May '16 Settle £105.40/mt –down £0.55/mt from previous close (Expiry 23/5/16).
London July ’16 Settle £106.00/mt – down £0.55/mt from previous close.
London Nov ’16 Settle £116.25/mt – down £0.15/mt from previous close.
Paris Sep ’16 Settle €159.50/mt – unchanged /mt from previous close.
Paris Dec ’16 Settle €166.00/mt – unchanged /mt from previous close.
Currency today:
GBP EUR 1.2662
EUR GBP 0.7893
EUR USD 1.1389
GBP USD 1.4430