- Location
- Lincolnshire
- US markets close – soybeans traded with very little change on a USDA report, which gave little new direction. Corn traded higher on an USDA reduction in 17/18 & 18/19 US ending stocks, and a lower than forecast 18/19 ending stock, as production is seen lower. CBOT/KBT wheat moved considerably higher as a reaction to USDA forecast Russian wheat 18/19 wheat crop of 68.5m mt. Little change was seen in the US S&D.
- USDA:
- Wheat – 18/19 EU production was lowered by 1m mt & Aus remained at 24m mt (Abares update yesterday @ 21.9m mt, down 1.8m mt from previous), but main focus was on Russian crop lowered by 3.5m mt to 68.5m mt (84.99m mt 17/18). EU 17/18 exports remain @ 24m mt despite low weekly exports, while 18/19 US exports see an increase vs lower forecast for Russia. 17/18 world ending stocks up 1.91m mt to 272.37m mt & 18/19 up 1.83m mt to 266.16m mt.
- Corn – 17/18 Brazilian production down 2m mt, but as with wheat, main focus was on 18/19 Russian production, down 4m mt from previous report, @ 49.5m mt, but Ukraine stayed unchanged @ 30m mt. 17/18 US exports increased 2m mt on the back of smaller Brazilian crop, otherwise little change. 17/18 ending stocks down 2m mt (Brazil) and 18/19 down 4.46m mt @ 154.69m mt.
- GASC purchased 420k mt yesterday for 15-25/7/18 delivery @ average $224.50 CIF, all from Russia/Romania.
- US tariff announcements will take place on 15/6/18, which now is focus for the trade at large.
London Nov ’18 Settle £161.70/t – up £1.40/tonne from previous close
Paris Dec ’18 Settle €187.00 – up €2.25/tonne from previous close
CBOT July ’18 Corn Settle - $3.6750– up 10.25 cents/bushel from previous close
CBOT July ’18 Wheat Settle – $5.3450 – up 20 cents/bushel from previous close
Currency Today:
GBP EUR 1.1339
GBP USD 1.3317
EUR GBP 0.8814
EUR USD 1.1739