- Location
- Lincolnshire
- US Market – soy maintained its post-USDA upward direction yesterday touching 5-week highs following critical comments of USDA yield figures. Wheat CBOT saw little change on the day and is slightly down overnight, while Minneapolis traded down 11c/bu Dec17 & Kansas saw small losses too following weekly export figures of 317k mt. Corn saw small gains on the day on S Am weather and export sales weekly @ 1.05m mt (still down 38% YoY).
- Weekly soft wheat exports for the EU were put @ 182k mt with the all-wheat total for the season now @ 3.47m mt (44% down YoY).
- Matif saw steady gains on the day yesterday despite an unchanged/firmer EUUSD and some distinctly average export figures, with private reports of little French farmer selling as wheat is considered cheap vs cost of production.
- Jordan passed on their international feed barley tender earlier in the week with EU shipments @ 36k mt (total 639k mt 17/18), which is 50% down YoY. Meanwhile BAGE reduced Argentine barley harvested area by 40k ha (plantings @ 800k ha) owing to wet weather (USDA @ 730k ha).
- LIFFE continues to see days of slow volumes and is seeing movement in value as a result. UK farmers remain quiet sellers, as cultivations/drillings continue, with forecasts looking for a wet and colder than normal weather pattern to continue into next week.
- £ continues to strengthen vs a basket of currencies following BoE meeting yesterday, pointing towards a potential upgrade in interest rates later on this year if the UK economy continues to grow, albeit unchanged at the moment @ 0.25% having voted 7 to 2 in favour of no change. BoE qualitative easing remained @ £435bn. LIFFE traded down £0.55/t on the day.
London Nov ’17 Settle £140.20/t – down £0.55/t from previous close
Paris Dec ’17 Settle €163.25/t – up €2.00/t from previous close
CBOT Dec ’17 Corn Settle $3.51/bushel – up 1.25 cents/bushel from previous close
CBOT Dec ’17 Wheat Settle $4.4300/bushel – unchanged 0 cents/bushel from previous close
Currency Today:
GBP EUR 1.1308
GBP USD 1.3501
EUR GBP 0.8839
EUR USD 1.1937