Gleadell Daily Grain Comment- 12th October 2015

[ADM Agriculture]

Daily Grain Comment

Monday 12th October 2015

• Chicago wheat closed down on the day on Friday on the back of US wheat ending stocks only down 14 mbu from the USDA report (trade expectations -55 mbu) along with strong world wheat production and ending stocks.
• Expectations for a mixed US Corn yield pre-USDA pushed values higher on the day yet a surprise increase, of 0.5 bpa to 168 bpa, resulted in losses on the day overall despite a decrease in US acreage by 500,000 ac.
• Chinese Balance of Trade figures are released tomorrow at 0300BST, UK Inflation Rate YoY data comes out at 0930BST tomorrow and Chinese Inflation Rate YoY is released on 0230BST on Wednesday.
• The US turns dry generally in the 5-day with warmer temps in the West. C/E Eur remains wet into the weekend with cooler temps for all. Light precipitation for the majority of SW Russia/Ukraine comes into the 5-day and 2-week forecast. Brazil turns dry this week while Argentina remains wet. Aus stays dry this week.

Last Trade Settle:

London Nov ’15 Settle £117.00/mt – up £1.50 from previous close

London May ’16 Settle £126.05/mt – up £1.55 from previous close



Paris Dec ’15 Settle €179.50/mt – up €0.50 from previous close

Paris May ’16 Settle €190.75/mt – up €0.25 from previous close





Currency this morning:

GBP EUR 1.3489

EUR GBP 0.7410

EUR USD 1.1380

GBP USD 1.5356