- Location
- Lincolnshire
- US markets – soy higher on talk of China buying US beans. Corn lower on favourable weekend weather and a mostly warm, dry week in the forecast. Wheat lower on talk of rain in the US plains that may impact upon overall quality.
- NASS reports US winter crop ratings down 2% point on the week at 51% good/excellent (62% last year). Winter wheat 63% headed vs 66% last year. Spring wheat 78% planted vs 87% last year, and 73% as 5yr average.
- NASS reports US corn plantings 71% complete a/o 14th May, up 24% points on the week. Lower than the 73% planted at the same time last year, but slightly ahead of the 5yr average of 70%.
- Alberta (Canada) experienced another week of favourable weather which further enhanced soil drying; temperatures were above average. Seeding seen at 13% complete, well behind the 5-year average of 33%.
- Russian wheat prices were stable last week as the ruble rose against the US$ and Turkey restored the purchasing of Russian wheat.
- South Africa’s wheat crop rose by one third to 1.9mln t in the 2016 season, the largest harvest in 6 years, as improved rainfall boosted yields.
- In import tender activity, Iraq purchased 50,000t of Australian wheat, although at $4 above the level originally offered by the US that was passed-on.
- Spain’s winter cereal crop is expected to total some 9.5mln t this year, around half the amount harvested last year due to especially dry weather (last season Spain’s total winter harvest was 19.3mln t).
London Nov ’17 Settle £141.00/t – down £2.00/t from previous close
Paris Dec ’17 Settle €171.25 – down €1.25/t from previous close
CBOT Dec ’17 Corn Settle $3.8525/bushel – down 3.50 cents/bushel from previous close
CBOT Dec ’17 Wheat Settle $4.5875/bushel – down 7.50 cents/bushel from previous close
Currency Today:
GBP EUR 1.1675
GBP USD 1.2900
EUR GBP 0.8555
EUR USD 1.1045