Gleadell Daily Grain Comment - 19 September 2017

ADM Agriculture

Member
Trade
Location
Lincolnshire
  • US market – soy closed with little change on close, with a relatively tight range on the day, despite weekly export inspections of 929k mt. Wheat CBOT & KC saw small losses on the day with little news other than a wet US forecast. Corn saw losses as funds estimated to have sold 6000 contracts following an average weekly export of 676k mt (down 46% YoY).
  • Yesterday saw CFTC report putting managed money funds as net buyers of CBOT wheat by 2825 contracts (short 83745 contracts to 12/9/17), sellers of CBOT corn by 9689 contracts (short 119412 contracts to 12/9/17), and buyers of CBOT soybeans by 7536 contracts (short 4408 contracts to 12/9/17).
  • US winter wheat plantings were put at 13% complete (15% last year & 5-yr avg), as GASC come in for an unspecified volume GASC tender today. Will French be more competitive or continue to play their own game, while Black Sea is reportedly maxed out logistically.
  • US corn ratings showed maturity @ 34% (50% last yr & 45% 5-yr avg), gd/exc ratings @ 61%, but harvest is slightly behind @ 7% complete (8% last yr & 11% 5-yr avg).
  • Algeria passed on their tender at the back end of last week owing to reportedly uncompetitive prices. Meanwhile, Tunisia is tendering today for 50k mt Oct-Nov as does Jordan for 100k mt. UK is in the mix on a relatively quiet domestic market.
  • £ sees a pullback from the highs last week as Mark Carney came out last night with cautionary notes regarding a BoE interest rate rise, having seen a semi-positive comment post-meeting last week. LIFFE wheat traded marginally down over the last few days, but not a significant move.
Last Trade Settlement:
London Nov ’17 Settle £139.20/t – down £0.15/t from previous close
Paris Dec ’17 Settle €161.50/t – down €1.75/t from previous close
CBOT Dec ’17 Corn Settle $3.5150/bushel – down 3.25 cents/bushel from previous close
CBOT Dec ’17 Wheat Settle $4.4350/bushel – down 6.25 cents/bushel from previous close

Currency Today:
GBP EUR 1.1250
GBP USD 1.3478
EUR GBP 0.8882
EUR USD 1.1979
 

SFI - What % were you taking out of production?

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Red Tractor drops launch of green farming scheme amid anger from farmers

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  • 1
As reported in Independent


quote: “Red Tractor has confirmed it is dropping plans to launch its green farming assurance standard in April“

read the TFF thread here: https://thefarmingforum.co.uk/index.php?threads/gfc-was-to-go-ahead-now-not-going-ahead.405234/
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