- Location
- Lincolnshire
- US markets close – Soybeans lower on weakness from the continued US-China trade dispute. Corn lower on US-China weakness and bearish sentiment from last week’s government reports. Wheat lower with global production support outweighed by negative trade issues.
- For the w/e 11th September, CFTC report showed managed money trimmed their Chicago wheat long position by 24351 contracts (now seen 18415 contracts long), while also trimming their Kansas City wheat long position by 11715 contracts (now seen 43539 contracts long).
- For the w/e 11th September, CFTC report showed managed money extended their Chicago corn short position by 6586 contracts (now seen 63470 contracts short), while also extending their Chicago soybean short by 5520 contracts (now seen 68269 contracts short).
- US Midwest weather forecast has a front that brings soaking rains to the north, with rest of the region staying mostly dry through the week. Weekend and early next week has rain systems moving through the region. Temperatures cooling, but no cold air threats are seen.
- US 11-16 day forecast has close to average temperatures seen for most of the plains and Midwest, above average precipitation is seen for most of the Midwest and southern plains.
- ABARES reduced their 2018-19 wheat export estimates to 12.95mln t, down from 15.2mln t previously, as wheat harvest is expected to drop to a 11-year low due to this year’s severe drought.
- China’s Ag Ministry reports recent frosts in some regions will lead to soybean output losses.
- Argentine farmers are close to finishing their planting of soybean and corn crops for the 2018-19 growing season, helped by plentiful rains, according to BAGE, with soybean plantings 99% complete, and corn 92% complete.
- Russian wheat export prices increased last week for the first time in six weeks, as a strengthening rouble, along with the government tightening quality controls on cargoes, helped to push offers up nearly 1%, according to IKAR.
- Russia has harvested 88.2mln t of grain with an average yield of 2.73t/ha from 69.6% of the harvesting area. Data from the Ag Ministry showed it had harvested 110.4mln t with an average yield of 3.17t/ha on the same date a year earlier.
London Nov ’18 Settle £171.50/t – down £0.65/tonne from previous close
Paris Dec ’18 Settle €198.00 – up €0.25/tonne from previous close
CBOT Nov ’18 Soybeans Settle - $8.2350/bushel – down 7.00 cents/bushel from previous close
CBOT Dec ’18 Corn Settle - $3.4800/bushel – down 3.75 cents/bushel from previous close
CBOT Dec ’18 Wheat Settle – $5.0625/bushel – down 5.25 cents/bushel from previous close
Currency Today:
GBP EUR 1.1240
GBP USD 1.3140
EUR GBP 0.8890
EUR USD 1.1685