- Location
- Lincolnshire
- US markets – soy higher on follow-on buying after friendly USDA/wet weather in Argentina – corn unchanged as record US stocks weigh – wheat unchanged as US south plains expecting rains over last weekend.
- US farmers who participated in US crop subsidy program reported prevented plantings a/o Jan 4th of 1.052mln acres of corn, 0.237mln acres of soybean and 1.787mln acres of wheat.
- CFTC reports show managed money funds substantially cut their Chicago wheat short last week by 18625 contracts – still reported to be 84968 contracts short (11.6mln t).
- BAGE reports Argentina’s northern and central farm belts have been pounded by storms in recent days, slowing corn plantings with 91% of the 2016-17 already sown.
- Tunisia issues an international tender to purchase 100,000t of optional origin durum wheat – Turkey also seeking 99,000t of optional wheat.
- China imported 9mln t of soybean in December, highest level in a year. Total 2016 imports reported at 83.9mln t, up 2.7% y/y which is the smallest rise in years. Higher domestic output/sales from state reserves.
- India’s appetite for wheat continues to grow, with the USDA putting imports at their highest in nearly a decade, and in the process becoming a ‘net importer’.
- UK £ falls ahead of May’s Brexit speech, hits lowest level for more than three months on reports Britain was set to quit the EU single market as part of its Brexit plans.
Last Trade Settle:
London May ’17 Settle £148.25/t – up £0.75/t from previous close
Paris May ’17 Settle €171.50/t – unchanged from previous close
CBOT Mar ’17 Corn Settle $3.5850/bushel – up 0.25c/bushel from previous close
CBOT Mar ’17 Wheat Settle $4.2600/bushel – down 0.25c/bushel from previous close
Currency Today:
GBP EUR 1.1380
GBP US$ 1.2050
EUR GBP 0.8785
EUR USD 1.0590