- Location
- Lincolnshire
- US markets – soy remained static into the USDA report, before trading lower following an increase in US yield. Wheat traded lower following the report, as US S&D saw no changes (expected lower production marginally), however has bounced overnight. Corn traded down following the report on the back of a higher than expected/increased US yield @ 169.9bu/ac.
- USDA: 17/18 wheat expectations for a smaller Aus crop and a larger Russian crop were correct. Russia +3.5m mt (81m mt record) and Aus -1m mt (22.5m mt). EU production was reduced by 0.69m mt (148.87m mt total), but exports were also lowered by 1m mt to 28.5m mt as were beginning stocks -0.61m mt.
- USDA: US corn yield 17/18 was increased to 169.9bu/ac (previous 169.5) and unchanged acreage. US soybean yield 17/18 also increased to 49.4bu/ac (previous 49.4) and unchanged acreage.
- French Ag Min yesterday increased French soft wheat production by 1m mt to 37.8m mt. Meanwhile Black Sea exports to Asia were reported at an all-time high last month of 2.762m mt (40% of total 6.549m mt shipped).
- £ maintains its short term rally against a basket of currencies following news of a slight reduction in GB unemployment rate this morning @ 4.3% (expected 4.4% and last 4.4%). Meanwhile EU industrial production YoY increased to 3.2%, but was below the forecast 3.6%.
London Nov ’17 Settle £139.60/t – down £0.10/t from previous close
Paris Dec ’17 Settle €159.50/t – up €0.50/t from previous close
CBOT Dec ’17 Corn Settle $3.5150/bushel – down 6 cents/bushels from previous close
CBOT Dec ’17 Wheat Settle $4.4200/bushel – up 7.25 cents/bushel from previous close
Currency Today:
GBP EUR 1.1092
GBP USD 1.3298
EUR GBP 0.9010
EUR USD 1.1985