- Location
- Lincolnshire
- US markets close – Soybeans closed lower as the whole complex weighed. Corn traded marginally lower to contract lows on the back of record US yields. Wheat traded lower as follow through selling post-USDA.
- Algeria purchased 630k mt wheat Nov18 delivery for a reported $262.50, while Jordan passed on their tender post-USDA numbers, as Saudi tenders today for 595k mt Nov18-Dec18 delivery, as does Tunisia for 67k mt Softs & 50k mt Durum.
- US weekly export sales were below target @ 388k mt, taking the season total of 358m bu and nearly 25% lower than previous crop season.
- US CBOT corn hit contract lows yesterday early on in trade before pulling back a little, with funds selling an estimated 8000 contracts following the large corn yield from USDA on Wednesday (181.3bu/ac).
- BAGE reported potential yield losses on wheat as dryness continues in main growing areas and yet increased gd/exc ratings to 48& (66% last yr). Rasario GE made similar comments on yield, pointing to vital rains next week being needed, but did not amend production forecasts.
- BAGE commented yesterday that corn area could well decrease as a result of current dryness, impact of new taxes, and cash liquidity. Rasario GE lowered their corn crop by 2m mt to 43m mt (USDA 41m mt).
- UK markets traded lower last night in line with global markets, with physical sellers following futures markets on wheat. Barley continues to be a relatively illiquid market, as the export market vs domestic market continues to seesaw.
London Nov ’18 Settle £173.10/t – down £2.40/tonne from previous close
Paris Dec ’18 Settle €196.75 – down €2.75/tonne from previous close
CBOT Nov ’18 Soybeans Settle $8.3325/bushel – down 4.25 cents/bushel from previous close
CBOT Dec ’18 Corn Settle - $3.505/bushel – down 1.75 cents/bushel from previous close
CBOT Dec ’18 Wheat Settle – $4.970/bushel – down 9.75 cents/bushel from previous close
Currency Today:
GBP EUR 1.1216
GBP USD 1.3131
EUR GBP 0.8911
EUR USD 1.1702