- Location
- Lincolnshire
- US markets – soy lower on lack of follow through fund buying, triggered by some long liquidation – corn lower on selling, Brazilian weather outlook suggests a record crop – wheat lower as the market hit some technical levels, and slowdown in fund buying triggered long liquidation.
- South American weather; Argentina sees heavy rains for Santa Fe and Entre Rios, elsewhere forecast looks favourable. Brazil sees on and off showers in the south, tropical rains seen in most other regions.
- UkrArgoConsult reports Ukraine’s January wheat exports fell by around 14% m/m to 1.2mln t, with majority going to India.
- India pegs 2016-17 food grain crop at a record 272mln t, 8% higher y/y due to good monsoons. Wheat 96.6mln t vs 92.3mln t last year. Corn 26.2mln t vs 22.6,mln t, and oilseeds 33.6mln t vs 25.3mln t.
- Japan’s feed makers are expected to ‘tap-into’ the country’s emergency stockpiles of corn due to shipment delays from the US.
- Strategie Grains keeps 2017-18 EU soft wheat estimate unchanged at 143.8mln t vs 135.7mln t last year. Barley 61.3mln t vs 59.9mln t, and maize 61.4mln t vs 59.6mln t.
London May ’17 Settle £148.80/t – down £0.20/t from previous close
Paris May ’17 Settle €175.50 – down €0.25/t from previous close
CBOT Mar ’17 Corn Settle $3.7350/bushel – down 5.25c/bushel from previous close
CBOT Mar ’17 Wheat Settle $4.4775/bushel – down 7.00c/bushel from previous close
Currency Today:
GBP EUR 1.1655
GBP USD 1.2410
EUR GBP 0.8575
EUR USD 1.0650