- Location
- Lincolnshire
- US markets – soy up on excessive rains in Argentina leading to speculation of significant reduced production – corn up on lower Argentine production forecasts – wheat up influenced by spread money flow rather than any fundamental news.
- Société Generale reports that the rain threatening Argentina’s soy crop may push up prices in the short-term, but are likely to spur additional production down the line, as farmers in the US seek to profit from the gains.
- Tunisia purchased around 100,000t of durum wheat, purchased on optional - origin basis.
- China will produce 4% less corn in the 12 months ending Sept 17, and imports will plunge 69% in the same period, according to forecasts from the Ag Ministry – production seen at 215.3mln t.
- Russian exports of wheat increased to 22.9mln t in the Jan-Nov16 period, up from 18.2mln t a year ago.
- Ukraine’s Ag Ministry reported 2016 total grain harvest at 66mln t, of which 26mln is wheat, which is up 10% y/y and the largest crop since 1991.
- Egypt’s GASC purchased 235,000t of wheat for Feb 15th-25th shipment over the weekend – 3 cargoes from Russia and 1 from Romania.
- India is expecting to achieve a bumper feed grain output this season thanks to increases in the crop sowing area, aided by favourable weather conditions.
- Brexit – UK to leave single market says Theresa May. PM promised to push for the ‘freest possible trade’ with EU countries, also says that Parliament would vote on the final deal that is agreed.
London May ’17 Settle £149.75/t – down £0.50/t from previous close
Paris May ’17 Settle €173.00/t – up €1.50/t from previous close
CBOT Mar ’17 Corn Settle $3.6550/bushel – up 7.00c/bushel from previous close
CBOT Mar ’17 Wheat Settle $4.3350/bushel – up 7.50c/bushel from previous close
Currency Today:
GBP EUR 1.1515
GBP US$ 1.2315
EUR GBP 0.8680
EUR USD 1.0690