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Gleadell Daily Grain Comment - 16th February 2017

ADM Agriculture

Member
Trade
Location
Lincolnshire
  • US markets – soy higher on US monthly crush numbers, Corn higher on inflation fears despite news of bird flu concerns in China, France and Hungary and current US/Mexico ‘dispute’, Wheat moves higher on ‘spill-over’ support and inflation fears.

  • US DDG’s exports drop 10% y/y in 2016 due largely to a steep drop in purchases by China – annual exports of 11.48mln t, 31% of the total US production, still the second highest export volume on record.

  • US Macro - Upbeat comments on US economy from a more ‘hawkish-than-expected’ Fed Chair Yellen sent US shares to fresh records, supporting most world equities – suggests rate hike in March could even be on the table.

  • Argentina looks to export more corn to Mexico, to where it sent less than 100,000t last year, as part of its effect to gain market share for its growing corn output, following scrapping of export tax and current US/Mexico trade tensions.

  • Goldman Sachs warns Chinese economy faces risks from credit boom and potential US action – Chinese exports and growth would be hit if US imposes large ‘across the board’ tariff on China or the border adjusted cash flow tax that is under consideration.

  • India’s farm ministry is expecting record grain production of 272mln t, up from the previous record of 265mln t – good monsoon rain as well as higher planted acreage will put wheat and rice output at record levels of 96.6mln t and 108.9mln t respectively.

  • EU MATIF prices closed higher, near 5-month high – weaker euro and firmer Russian prices on slow farmer sales supports.


    Last Trade Settle:

    London May ’17 Settle £149.00/t – up £0.75/t from previous close

    Paris May ’17 Settle €175.75 – up €1.25/t from previous close

    CBOT Mar ’17 Corn Settle $3.7875/bushel – up 4.50c/bushel from previous close

    CBOT Mar ’17 Wheat Settle $4.5475/bushel – up 5.55c/bushel from previous close
Currency Today:

GBP EUR 1.1760
GBP USD 1.2500
EUR GBP 0.8495
EUR USD 1.0630
 

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Webinar: Expanded Sustainable Farming Incentive offer 2024 -26th Sept

  • 2,520
  • 50
On Thursday 26th September, we’re holding a webinar for farmers to go through the guidance, actions and detail for the expanded Sustainable Farming Incentive (SFI) offer. This was planned for end of May, but had to be delayed due to the general election. We apologise about that.

Farming and Countryside Programme Director, Janet Hughes will be joined by policy leads working on SFI, and colleagues from the Rural Payment Agency and Catchment Sensitive Farming.

This webinar will be...
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