- Location
- Lincolnshire
- US markets – soy lower as larger south American supplies weigh - corn lower despite slow-down in farmer selling, lower crude, and expectations of lower acreage - wheat moves lower as other markets pressured, forecasts of rains in the US plains (10-15 day forecast).
- CFTC reports showed a/o 7th March managed money funds had extended their Chicago short position by 7714 contracts – now seen 63180 contract short (8.6m ln t).
- Increased rumours of Argentine corn being sold to Mexico for summer shipment has continued the bearish news for US corn trade/exports.
- Canadian spring wheat sales may expand in Mexico at the expense of US wheat, as President Trump threatens to upend long-standing free trade deals.
- Recent rains in Argentina have helped maximise yields in higher areas, not affected by floods that have soaked lower-lying fields. BA grain exchange kept its 2016-17 estimates for soy and corn at 54.8mln t and 37mln t respectively.
- Farmers in the southern Ukraine have started spring grain sowings. Farmers plan to sow a total of 7.2mln ha of spring crops (7mln ha last season) bringing total grain sowings to 14.4mln ha.
- France AgriMer reports soft wheat crop was rated 92% good/excellent, down from 93% a week earlier.
London May ’17 Settle £149.15/t – up £1.05/t from previous close
Paris May ’17 Settle €173.75 – down €0.25/t from previous close
CBOT May ’17 Corn Settle $3.6425/bushel – down 2.75 cents/bushel from previous close
CBOT May ’17 Wheat Settle $4.4050/bushel – down 3.50 cents/bushel from previous close
Currency Today:
GBP EUR 1.1440
GBP USD 1.2205
EUR GBP 0.8740
EUR USD 1.0670