Gleadell Daily Grain Comment - 13 June 2018

ADM Agriculture

Member
Trade
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.
Last Trade Settlement:

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
 

SFI - What % were you taking out of production?

  • 0 %

    Votes: 77 43.0%
  • Up to 25%

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  • 25-50%

    Votes: 30 16.8%
  • 50-75%

    Votes: 3 1.7%
  • 75-100%

    Votes: 3 1.7%
  • 100% I’ve had enough of farming!

    Votes: 4 2.2%

Red Tractor drops launch of green farming scheme amid anger from farmers

  • 1,286
  • 1
As reported in Independent


quote: “Red Tractor has confirmed it is dropping plans to launch its green farming assurance standard in April“

read the TFF thread here: https://thefarmingforum.co.uk/index.php?threads/gfc-was-to-go-ahead-now-not-going-ahead.405234/
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