- Location
- Lincolnshire
- US markets – soy higher on continued Argentine weather issues – corn unchanged as follower of soy to ensure limited loss of US acreage – wheat lower as recent rain/snow seen reducing the dry conditions in US winter wheat areas.
- Concern over rain damage to crops in Argentina continues to support soybean prices – analysts say the impact may be mitigated by Uruguay and Paraguay, both of which are set for record crops.
- Winter weather remains favourable for Russia’s winter grain sowings so far, indicating good prospects for the country’s 2017 crop.
- Impact from frost on winter wheat has been negated by sufficient snow coverage, thereby keeping 2017-18 Ukraine wheat production forecast unchanged at 25mln t.
- South African farmers have planted a third more hectares with maize this season, following increased rainfall and favourable climate conditions.
- Indonesia may not import any maize or wheat for animal feed in 2017, due to sufficient local production.
- India has imported 2.7mln t of wheat so far this season, mostly from Australia, France and the Ukraine; 1.2mln more seen arriving by end-March. USDA predicts imports to hit their highest level in almost a decade.
- Brexit – Theresa May has told leaders at the World Economic Forum in Davos, that the UK will be a ‘world leader’ on free trade. However, head of the IMF warns UK of pain ahead as Brexit approaches.
London May ’17 Settle £150.75/t – up £1.00/t from previous close
Paris May ’17 Settle €172.00 – down €1.00/t from previous close
CBOT Mar ’17 Corn Settle $3.6500/bushel – down 0.50c/bushel from previous close
CBOT Mar ’17 Wheat Settle $4.3100/bushel – down 2.50c/bushel from previous close
Currency Today:
GBP EUR 1.1550
GBP US$ 1.2315
EUR GBP 0.8655
EUR USD 1.0660