- Location
- Lincolnshire
- US markets – soy closed 46c/bu lower CBOT Nov17 yesterday, as funds reportedly liquidated 30,000 contracts (c. 4m mt) on a cooler but dry 1-wk forecast. Corn followed suit and closed down 15c/bu, while wheat continues its recent downward trend, albeit traded marginally up in overnight trade.
- US wheat exports were steady at 356k mt, which would equate to c.8m mt below USDA forecasted seasonal exports, and despite the recent sell off, values for exported US wheat are still a way from doing business.
- The sell off in CBOT led Matif down to a 2-wk low close last night @ €181.25 Dec17, with France on a public holiday today, but Matif remaining open.
- French wheat ratings were unchanged @ 66% gd/exc yesterday, with an estimated 29% total harvested to date, while Algeria tenders for 42k mt today. Expectations are for the Algeria to come out of Black Sea, unsurprisingly.
- European barley export data for 1st week July came in at 91k mt for non-EU destinations, little change YoY, with the UK continuing to be competitive on export values for the nearby, and French spring crop rated @ 65% gd/exc with 11% harvested and 95% harvested on winters.
- £ continued to firm yesterday and into this morning, while UK barley harvest progresses well and OSR should begin in earnest this weekend, having been held back by rains earlier in the week.
London Nov ’17 Settle £149.10/t – down £2.90/t from previous close
Paris Dec ’17 Settle €181.25 – down €3.50/t from previous close
CBOT Dec ’17 Corn Settle $3.83/bushel – down 15.00 cents/bushel from previous close
CBOT Dec ’17 Wheat Settle $5.35/bushel – down 22.75 cents/bushel from previous close
Currency Today:
GBP EUR 1.1344
GBP USD 1.2956
EUR GBP 0.8812
EUR USD 1.1418