- Location
- Lincolnshire
- US markets – soy closed with little changed having moved higher on the day, as markets balanced recent dry weather with a wetter 2-week forecast. Corn saw small gains following wheat higher. Wheat rallied, led by Minneapolis, following Monday nights sharply lower spring wheat ratings and continued concerns over protein in the HRW areas.
- Argentinian farmer selling of the current wheat crop is sharply higher YoY @ c. 13.6m mt (last year 7.5m mt) of which exporters reportedly hold 10.4m mt vs 9.1m mt of export licences. Old crop 12% pro FOB values reportedly saw little change on the day.
- EU barley markets were reportedly unchanged yesterday on a FOB basis, with SW French yields reporting to be improving from an average start. Hagberg numbers continue to be reported well.
- Saudi Arabia buys 805k mt of hard wheat yesterday, whilst GASC also purchases 300k mt of wheat (180k mt Russian, 60k mt Romanian & 60k mt Ukrainian) for late July shipment.
- A warmer forecast for the next 2 weeks in the UK continues to be beneficial to maturing crops, while a May17 imported figure of 206k mt for wheat released yesterday, was at the higher reaches of trade ideas,s and pushes estimated imports on wheat to 1.7-1.8m mt for the season.
- £ sees little change overnight with expectations for a confirmed Conservative/DUP deal to be released today.
London Nov ’17 Settle £142.15/t – up £0.65/t from previous close
Paris Dec ’17 Settle €173.75– up €1.75/t from previous close
CBOT Dec ’17 Corn Settle $3.990/bushel – up 4 cents/bushel from previous close
CBOT Dec ’17 Wheat Settle $4.80750/bushel – up 9 cents/bushel from previous close
Currency Today:
GBP EUR 1.1367
GBP USD 1.2741
EUR GBP 0.8774
EUR USD 1.1207