- Location
- Lincolnshire
- US markets – soy lower on talk of China cancelling/repositioning soy contracts. Corn lower on warmer and drier near term weather forecast. Wheat mixed after bouncing off lows, may be finding support on concerns about US SRW wheat quality.
- US weather – Midwest looks drier with rains seen in the east into the weekend, next week good in all areas. Average/above average temperatures seen early next week before cooling to below average later in the week.
- China sold 3.232mln t of 2013 corn at auction of state reverses – sale represents 93% of the 3.473mln t of corn available at the auction.
- Agro consult has increased their Brazilian soy production forecast to 115mln t, up from 113.3mln t in March. Brazilian Ag Ministry estimates 2017-18 soy planted area to increase 2%-3% y/y.
- Agro consult estimates the Brazilian corn production at 99.7mln t, well above their previous estimate of 90mln t, and the latest USDA forecast at 96mln t.
- Russian Ag Ministry lowered their 2017-18 grain crop forecast to 100-105mln t vs 110mln t last month, due to the recent dryness and warmer than normal temperatures, estimate 2017-18 wheat exports at 26-27mln t.
- EU Commission lowered its monthly estimates of production of EU crops for 2017-18. Cut its outlook for usable production of common wheat to 141.3mln t, down from 141.9mln t a month earlier.
London Nov ’17 Settle £140.70/t – down £1.35/t from previous close
Paris Dec ’17 Settle €170.25 – down €1.00/t from previous close
CBOT Dec ’17 Corn Settle $3.8925/bushel – down 1.75 cents/bushel from previous close
CBOT Dec ’17 Wheat Settle $4.6600/bushel – down 0.50 cent/bushel from previous close
Currency Today:
GBP EUR 1.1460
GBP USD 1.2860
EUR GBP 0.8720
EUR USD 1.1220