Gleadell Daily Grain Comment - 15 May 2017

ADM Agriculture

Member
Trade
Location
Lincolnshire
  • US markets – soy lower on higher Informa acreage estimate. Corn slightly higher on lower Informa acreage estimate, although drier weather should allow rapid planting progress. Wheat lower despite lower Informa spring wheat acreage estimate.
  • CFTC report showed a/o 9th May, managed funds trimmed the Chicago wheat short by 16746 contracts, still seen 107892 contract short (14.7mln t). Went long Kansas City (13180 contracts), but sold 5010 contracts in Minneapolis (now short by 2647 contracts).
  • CME Group said it has lifted the majority of force majeure conditions invoked on corn and soybean shipping stations on the Illinois river earlier this month.
  • Saskatchewan (Canada) crop report – seeding is underway for most producers in the province, 11% of the 2017 crop in now planted , against the 5-year average of 16%.
  • A Mexican delegation of government and private sector representatives are in talks with Brazilian counterparts to close new supply deals in corn, soy and rice, in order to reduce dependence on US trade.
  • SovEcon raised their Russian 2017-18 wheat crop forecast to 70.4mln t, up from 69mln t previously. Still below this season’s figure of 72.3mln mt.
  • Kazakhstan’s grain exports a/o 10th May stood at 7.08mln t, down from 7.39mln t a year earlier. The country planned to boost exports to 9mln t this season from 8.4mln t in 2015-16.
  • China’s state grains stockpile Sinograin will buy 1.5mln t of wheat grown this year from Xinjiang, a move aimed at protecting grain farmers and maintaining stable prices.
  • Algeria purchased 470,000t of optional soft wheat thought to be from the Black Sea region.
  • Tunisia’s grain harvest is expected to increase this season by 38% to 1.78mln t. Estimate includes 1.2mln t of durum wheat.
  • France’s AgriMer reported a slight improvement in the condition of the French soft wheat crop a/o 8th May. The crop is estimated at 76% good/excellent condition, up from 75% a week earlier (87% a yarer ago).
Last Trade Settlement:
London Nov ’17 Settle £143.00/t – up £0.10/t from previous close
Paris Dec ’17 Settle €172.50 – down €0.50/t from previous close
CBOT Nov ’17 Corn Settle $3.8875/bushel – up 1.50 cents/bushel from previous close
CBOT Nov ’17 Wheat Settle $4.6625/bushel – down 1.00 cents/bushel from previous close

Currency Today:
GBP EUR 1.1805
GBP USD 1.2920
EUR GBP 0.8465
EUR USD 1.0945
 

SFI - What % were you taking out of production?

  • 0 %

    Votes: 77 43.0%
  • Up to 25%

    Votes: 62 34.6%
  • 25-50%

    Votes: 30 16.8%
  • 50-75%

    Votes: 3 1.7%
  • 75-100%

    Votes: 3 1.7%
  • 100% I’ve had enough of farming!

    Votes: 4 2.2%

Red Tractor drops launch of green farming scheme amid anger from farmers

  • 1,286
  • 1
As reported in Independent


quote: “Red Tractor has confirmed it is dropping plans to launch its green farming assurance standard in April“

read the TFF thread here: https://thefarmingforum.co.uk/index.php?threads/gfc-was-to-go-ahead-now-not-going-ahead.405234/
Top