- Location
- Lincolnshire
- US markets – soy higher on talk of lower than expected rains in about 25% of the growing area, corn mixed on SA weather concerns, and wheat slightly higher on talk that 20% of the HRW wheat crop could be vulnerable to the extreme cold in the US.
- US managed money funds in the w/e 16th December cut their Chicago wheat exposure by 20% - still reported short to the extent of 92,929 contracts (12.6mln t).
- Argentine Ag Ministry raises its estimate of the 2016-17 wheat crop to 15.2mln t, up from 14.9mln t in November – current yields above expectations, but reports suggest poor quality (low proteins).
- Biofuels companies and advocates press US President-elect Donald Trump to keep the US Renewable Fuel Standard program intact.
- US launches a challenge to China’s use of tariff-rate quotas for rice, wheat and corn at the WTO – charging that the administration of the program beached its WTO commitments and hurt US farm exports.
- Central Economic Work Conference says that China will push forward with reforms of its pricing and stockpiling program of agriculture products.
- Algeria purchases 490,000t of optional-origin wheat for February – Argentine cheapest execution on paper.
- Wheat imports by Indian flour mills are likely to continue as a lower than expected rabi crop (winter sown, spring harvested) is insufficient to meet country’s need for wheat flour.
London May ’17 Settle £137.90/t – down £0.50/t from previous close
Paris May ’17 Settle €170.00/t – unchanged from previous close
CBOT Mar ’17 Corn Settle $3.5625/bushel – down 0.25c/bushel from previous close
CBOT Mar ’17 Wheat Settle $4.0925/bushel – unchanged from previous close
Currency Today:
GBP EUR 1.1930
GBP US$ 1.2465
EUR GBP 0.8380
EUR USD 1.0445