- Location
- Lincolnshire
- US markets – soy higher as post US Fed bounce continues/lower US$. Corn higher on better weekly ethanol production/export sales. Wheat unchanged, despite talk of Algerian HRW sale, crop damage dismissed, and forecast for rains offers resistance.
- South American weather – Argentina mostly dry over next 7 days, moderate rain at end of next week, temps below average. Brazil has harvest delaying rains over the weekend, drying for most of next week with average rains in North and temps average to above.
- Favourable weather ahead of spring sowings in Black Sea grain producers, Russia and Ukraine, is boosting hopes of a large harvest, although it will likely fall short of last year’s record.
- Strategie Grains ups EU 2017-18 wheat and barley crops by 100,000t, trims maize production by 900,000t, and cuts 2016-17 EU soft wheat carryover 600,000t to 10.4mln t, due to higher exports/feed use.
- Brussels reports EU all wheat shipments a/o 14th Mar at 18.97mln t, down 12% y/y. Soft wheat exports reported at 17.14mln t, down 14% y/y.
- Algeria purchased 480,000t of optional milling wheat. USDA announces 120,000t HRW sale, not sure if part of reported trade.
- UK£ jumps against euro, US$ on BOE policy statement - keeping rates unchanged and maintaining their current level of asset purchases.
London May ’17 Settle £148.75/t – down £0.45/t from previous close
Paris May ’17 Settle €172.50 – down unchanged from previous close
CBOT May ’17 Corn Settle $3.6600/bushel – up 2.50 cents/bushel from previous close
CBOT May ’17 Wheat Settle $4.3600/bushel – unchanged from previous close
Currency Today:
GBP EUR 1.1495
GBP USD 1.2390
EUR GBP 0.8695
EUR USD 1.0770