Gleadell Daily Grain Comment - 17th May 2016

[ADM Agriculture]

• National holidays across some of Europe’s major countries yesterday kept trade volume very low.

• Managed money again increased their short position on CBOT wheat over the course of last week by 15,940 contracts.

• Physical wheat prices continue to be traded on a weather market, and currently there are no real concerns, thus providing no construed reason for a sustained move higher.

• In the UK today, the east will see sunny spells through the day. The west will see outbreaks of rain, these heavy at times, especially across Scotland and Northern Ireland.

Last Trade Settle:

London May ’16 Settle £105.30/mt –down £1.15/mt from previous close (Expiry 23/5/16).

London July ’16 Settle £106.55/mt – down £0.80/mt from previous close.

London Nov ’16 Settle £117.10/mt – down £0.45/mt from previous close.

Paris Sep ’16 Settle €163.00/mt – down €1.25/mt from previous close.

Paris Dec ’16 Settle €168.50/mt – down €0.75 /mt from previous close.



Currency today:

GBP EUR 1.2796

EUR GBP 0.7811

EUR USD 1.1334

GBP USD 1.4508