- Location
- Lincolnshire
- US markets – soy saw little change on a day with little fundamental news. Corn traded marginally up, following weekly export inspections of 662k mt (42% down YoY), with ratings unchanged @ 61% gd/ex. Wheat traded lower yesterday and overnight ahead of today’s USDA, as USD found a little firmness and winter acreage expectations improved.
- US crop progress – corn @ 61% gd/ex as expected (61% last wk, 74% last yr). Soy @ 60% gd/ex as expected (61% last wk, 73% last yr). Corn harvest @ 5% vs 4% expected and 6% 5-yr average. Winter wheat plantings @ 5% complete as expected (6% 5-yr average).
- Discussion continues of better than expected wheat yields in Canada as harvest approaches 50% complete, however quality has been quoted as variable in private reports.
- All eyes are on USDA report tonight @ 1700GMT, with particular focus on both Russian & Australian wheat production numbers and their impact on global supply. Expectations are for a slightly lower US corn yield @ 168.2bu/ac (USDA 169.5bu/ac Aug) and US Soy yield @ 48.8bu/ac (USDA 49.4bu/ac Aug).
- £ continues to firm against a basket of currencies including EUR. Despite the weakness of EUGBP, EUUSD actually found a little strength and MATIF Dec17 wheat closed down €0.50/t on little other news.
- GB inflation rate YoY released this morning @ 2.9% vs 2.8% forecast and the previous 2.6%. GB unemployment figures are released at 0930GMT tomorrow morning, with no change expected @ 4.4%.
London Nov ’17 Settle £139.70/t – down £0.55/t from previous close
Paris Dec ’17 Settle €159.00/t – down €0.50/t from previous close
CBOT Dec ’17 Corn Settle $3.5750/bushel – up 1.25 cents/bushels from previous close
CBOT Dec ’17 Wheat Settle $4.3475/bushel – down 3 cents/bushel from previous close
Currency Today:
GBP EUR 1.1028
GBP USD 1.3205
EUR GBP 0.9062
EUR USD 1.1971