- Location
- Lincolnshire
- US markets close – soybeans higher on ‘Trump tweet’, stating a very good conversation with China’s President. Corn higher on trade optimism following the ‘tweet’, technical support level held firm. Wheat higher on weaker US$, the ‘tweet’, and talk of Russian export point closures.
- US EPA has sent its proposal for 2019 blending volumes under the RFS to the White House for final review. Deadline to issue the finalised rule is Nov 30th. Agency had earlier proposed setting a blending mandate of 19.88bln gallons, up 3% from 2018, with corn-based unchanged.
- US Midwest weather forecast has a rain system for the northwest over the weekend, with things turning drier middle of next week. Frequent precipitation is seen for the southwest over the near term. Temperatures seen a bit above average, turning cooler than average next week.
- US Southern Plains weather forecast is dry for the western half of the region over the next 10 days, with a system bringing light to moderate rainfall seen for the east over the weekend and again on Monday. Temperatures will be running above average.
- Brazil weather has rainfall amounts turning more average over the next 10 days with 75% coverage.
- Argentina weather has light to moderate rainfall for the southern half, with things dry in the rest of the region through the weekend. Hit and miss rains are seen for next week with coverage downsized to around 45%.
- BAGE pegged Argentine corn planting progress at 35.5%, up just 1.1% on the week, with the country’s wheat harvest at 4.5% complete compared with 2.8% last week, as wet weather last week slowed activity, although the extended forecast is for much drier conditions.
- China sold 1.6mln t of corn at auction out of 4mln t offered. Since April 12th, China has sold 100.1mln t of corn out of state reserves.
- Ukraine’s July-Oct 2018 wheat exports totalled 7.541mln t vs 8.07mln t the same period a year ago.
- Russia’s Agriculture safety watchdog plans to ask a court to temporarily suspend operations at five grain loading points in the country’s Rostov region. A similar measure could also be taken in the Krasnodar region. Both are the top exporting regions in Russia.
London Nov ’18 Settle £171.05/t – up £0.05/tonne from previous close
Paris Dec ’18 Settle €200.75 – up €2.25/tonne from previous close
CBOT Nov ’18 Soybeans Settle - $8.6900/bushel – up 30.00 cents/bushel from previous close
CBOT Dec ’18 Corn Settle - $3.6675/bushel – up 3.50 cents/bushel from previous close
CBOT Dec ’18 Wheat Settle – $5.0800/bushel – up 7.50 cents/bushel from previous close
This morning soybeans continue to firm, trading up another 15-16c/bushel as ‘Trump’s tweet’ gives the soy market a reason to run higher.
Currency Today:
GBP EUR 1.1385
GBP USD 1.3025
EUR GBP 0.8780
EUR USD 1.1435