- Location
- Lincolnshire
- US markets close – soy lower despite higher than expected export sales. Corn lower as talk of drier/warmer Midwest weather next week, may have offered seasonal resistance. Wheat higher as KCBT firmed on concerns that rains could miss parts of the HRW area.
- US southern plains weather forecast has no major changes. Widespread, soaking rains, seen into the weekend, quieting down early next week, before light to moderate rains enter the region at the end of next week. Temperatures seen running average to below average.
- US Midwest weather forecast looks to become more favourable, with the end of the week looking mainly dry through the weekend and into the beginning of next week, before light to moderate rains enter the region. Temperatures still seen running below average.
- South American weather forecast has in the 6-10 day period, light to moderate precipitation, with widespread coverage for Argentina, light to moderate rains for north Brazil and little elsewhere. Temperatures seen running average to above average in most of South America.
- There continues to be concerns with the dry pattern in Parana, Mato Grosso and Mato Grosso du Sol, which have seen little if any precipitation in the last three weeks. These three states produce over 80% of Brazil’s second ‘safrinha’ crop.
- BAGE left their Argentine corn production forecast unchanged at 32mln t, with the corn harvest seen at 29.5% complete. Also left the soybean production forecast unchanged at 38mln t, with the harvest seen at 39.5% complete.
- China’s larger pig farm operations are halting the expansion of new farms, as a slowdown is expected after a two year boom in the industry, as hog prices hit an eight year low last month due to a glut of animals.
- Brussels report EU soft wheat exports a/o Apr 18th at 15.62mln t, down 23.7% y/y, with all-wheat exports at 17.09mln t, down 24.2% y/y. Soft wheat imports were reported at 3.44mln t, up 23.6% y/y, with all-wheat imports of 4.60mln t, up 8.2% y/y.
- £ sterling again eased on overnight trading, losing 1cent vs the US$ and 1.5cents vs the €, as BOE’s Governor Mark Carney commented that Brexit uncertainty & recent economic reports could delay interest rate rise, although he added that a rise is ‘likely’ this year but any increases will be gradual.
London May ’18 Settle £145.45/t – down £2.20/tonne from previous close
Paris May ’18 Settle €164.00 – down €0.50/tonne from previous close
CBOT May ’18 Corn Settle - $3.8200/bushel – down 1.00 cents/bushel from previous close
CBOT May ’18 Wheat Settle – $4.7675/bushel – up 1.50 cents/bushel from previous close
Currency Today:
GBP EUR 1.1395
GBP USD 1.4055
EUR GBP 0.8770
EUR USD 1.2330