- Location
- Lincolnshire
- US markets close – soy higher supported by NOPA crush data. Corn lower on long liquidation, as long range forecast shows warmer/drier conditions into the end of April. Wheat higher on slight decline in ratings, forecast reducing precipitation in parts of southern plains.
- This week’s US weekly export inspections indicated year-to-date (a/o Apr 12th) wheat exports running 10% behind last year vs a projected 12% decline. Corn exports down 22% y/y vs a projected 3% decline, and soybean down 12% y/y vs a projected 5% decline.
- NOPA reported that US oilseed processors crushed a record large volume of soybeans in March, while soy oil stocks rose for a fifth straight month and hit a 21-month high.
- News wire stories commented that traders and analysts do not typically start considering US corn planting ‘delays’, unless progress is still slow by the time MAY begins, but given the recent wintry weather, planting efforts are starting to feel even slower than the data shows.
- US southern plains weather forecast has no major changes, little in the way of precipitation this week, with widespread, soaking rains for the weekend, quieting down to light rain early next week. Temperatures seen running below average.
- US Midwest weather forecast looks to become more favourable, with the end of the week looking mainly dry, through the weekend and into the beginning of next week. Temperatures still seen running below average.
- South American weather forecast, has in the 6-10 day period, light to moderate precipitation with widespread coverage for Argentina. Light to moderate rains for north Brazil and little elsewhere. Temperatures seen running average to above average in most of South America.
- Above average rains in key corn growing regions should bring relief to Brazilian farmers, easing drought fears, as the country’s second corn crop develops through the end of April.
- China said on Tuesday it will slap a hefty temporary deposit on imports of US sorghum, after finding the US grain has damaged the domestic industry. US companies will be required to put down a 178.6% deposit for shipments, called a ‘temporary anti-dumping measure’.
- A cold, wet start to spring in Europe has hampered sowings of spring crops, but delays were not yet serious enough to threaten major yield losses for this year’s harvest, the EU’s crop monitoring unit MARS reported.
- The EU’s crop unit MARS raised slightly its forecast of the average EU soft wheat yield to 6.23t/ha from 6.2t/ha last month, up 1.9% from 2017. Also raised marginally its EU all-barley yield to 5.03t/ha, up 2.8% y/y, and rapeseed to 3.33t/ha, now seen up 2.6% y/y.
London May ’18 Settle £147.90/t – up £0.40/tonne from previous close
Paris May ’18 Settle €164.50 – up €0.75/tonne from previous close
CBOT May ’18 Corn Settle - $3.8025/bushel – down 2.25 cents/bushel from previous close
CBOT May ’18 Wheat Settle – $4.6625/bushel – up 4.00 cents/bushel from previous close
Currency Today:
GBP EUR 1.1470
GBP USD 1.4190
EUR GBP 0.8710
EUR USD 1.2365