- Location
- Lincolnshire
- US markets close – soybeans traded c. 18c/bu lower yesterday, with July18 contract trading at a 22-month low overnight, on media reports that US tariffs on China are likely. Corn held relatively unchanged yesterday, as soybeans and wheat shed post-USDA gains, as a reflection of the tighter stocks reported in the USDA. Wheat traded down 18c/bu, lower overnight, ahead of tomorrow’s US tariff announcements.
- Weekly US wheat export sales reported today are expected to be low @ 150-450k bu, with corn @ 600-900k bu, and soybeans @ 100-400k bu for both old & new season.
- Losses in US markets followed through into EU wheat markets yesterday, as 1-week forecast shows a drier/warmer outlook for W Europe, which will be welcomed, and continues to be hot/dry in Ukraine/SW Russia.
- US ethanol report yesterday showed stocks up 1% as production saw a similar rise.
- US tariff announcements will take place on 15/6/18, which now is focus for the trade at large. Media reports are that a tariff on soybeans is very likely.
- UK wheat saw a choppy market yesterday, with trade ending lower, but dragging its feet vs the losses seen in other markets. Market has traded lower again by £1.250 at the time of writing.
London Nov ’18 Settle £160.50/t – down £1.20/tonne from previous close
Paris Dec ’18 Settle €184.25 – down €2.75/tonne from previous close
CBOT July ’18 Corn Settle - $3.7600– down 1.25 cents/bushel from previous close
CBOT July ’18 Wheat Settle – $5.1650 – down 18 cents/bushel from previous close
Currency Today:
GBP EUR 1.1362
GBP USD 1.3432
EUR GBP 0.8797
EUR USD 1.1822