Gleadell Daily Grain Comment - 13 December 2016

[ADM Agriculture]

• US Markets – soybeans lower on concerns about long-term demand and record stocks, corn up slightly on higher crude, wheat up on lower US$ and talk that Saudi could source wheat from the US
• US farmers who participate in crop subsidy programs reported ‘prevented plantings’ a/o Dec 9th 2016 of 1.052mln acres of corn, 0.236mln acres of soybeans and 1.787mln acres of wheat
• Saudi Arabia confirmed their purchase of 725,000t of optional-origin hard wheat – shipment 1st February to 10th April – current FOB ‘line-ups’ would strongly favour US supplies
• Iranian Government says it has purchased 11.6mln t of wheat from domestic farmers, celebrating self-sufficiency
• China will import 3.8mln t of rapeseed in the 2016/17 season, down by 14% from the previous season, mainly due to an-ongoing trade dispute with Canada

Last Trade Settle:
London May ’17 Settle £136775/t – up £0.25/t from previous close
Paris May ’17 Settle €167.75/t – down €0.50/t from previous close
CBOT Mar ’17 Corn Settle $3.6050/bushel – up 1.00c/bushel from previous close
CBOT Mar ’17 Wheat Settle $4.1725/bushel – up 1.00c/bushel from previous close

Currency Today:
GBP EUR 1.1965
GBP US$ 1.2695
EUR GBP 0.8365
EUR USD 1.0605

 

[franklin]

Can you put a dld price for current and new crop feed wheat / OSR on these perhaps?

 

[crazy_bull]

Can you put a dld price for current and new crop feed wheat / OSR on these perhaps?

The trouble is they are instantly out of date, best to use the futures prices as a trend guide as to up or down.

 

[franklin]

I know, but its a pain to be ringing reps to get prices for OSR all the time. Even a "this is what it was worth delivered to Hull / Liverpool / Erith yesterday close" would do. Wheat not so tricky but OSR? Is Matif price converted to sterling close enough to a delivered UK price?

 

[crazy_bull]

I know, but its a pain to be ringing reps to get prices for OSR all the time. Even a "this is what it was worth delivered to Hull / Liverpool / Erith yesterday close" would do. Wheat not so tricky but OSR? Is Matif price converted to sterling close enough to a delivered UK price?

We are trading above the Matif this year, I will ask the powers that be......

C B

 

[franklin]

Thanks - I think you still put a few prices on the weekly reports we have sent by email but that is the only resource I have for an example of the rape price bar calling all the time, and I really dont like to ring unless I am actually going to sell some.