Gleadell Daily Grain Comment - 12 May 2017

[ADM Agriculture]

• US markets – soy lower on upward revisions in Argentine/Brazilian crops. Corn lower on near term forecast turning drier and warmer for the mid-west. Wheat higher as trade digests USDA numbers, weather issues seen supporting.
• CONAB estimated the Brazilian soy crop at 113mln t, up 2.8mln t from their previously estimate. Corn crop estimated at 92.8mln t, up 1.3mln t from their previously estimate, but below the USDA at 96mln t.
• BAGE estimated the Argentine soy crop at 57.5mln t, up from 56.5mln t previously, with harvest 67% complete. Corn crop estimated at 39mln t, up from 37mln t previously.
• Russian wheat export prices fell last week as currency weakened against the US$ and Moscow/Ankara agreed to restore Russian wheat supplies to Turkey.
• Ukrainian farmers have sown 5.9mln ha with spring grains for the 2017 harvest so far, or about 82% of the expected planting area of 7.2mln ha.
• China sells 2.139mln t of 2013 crop year corn at auction. Sale represents 85% of the 2.5mln t available.

Last Trade Settle:
London Nov ’17 Settle £142.90/t – up £1.70/t from previous close
Paris Dec ’17 Settle €173.00 – unchanged from previous close
CBOT Dec ’17 Corn Settle $3.8725/bushel – down 4.25 cents/bushel from previous close
CBOT Dec ’17 Wheat Settle $4.6725/bushel – up 0.25 cents/bushel from previous close

Currency Today:
GBP EUR 1.1825
GBP USD 1.2855
EUR GBP 0.8455
EUR USD 1.0870