- Location
- Lincolnshire
US markets – soy lower on talk of increased South American crops. Corn higher, despite talk of higher Brazilian crop, and talk that Chinese producers may dramatically cut acreage due to large government stockpiles that is seen cutting farmers profits. Wheat moves higher (although very narrow trading range) as weather models turned drier for the western parts of the HRW crop wheat belt, with active spreads of buying KCBT and selling CBOT continue.
Latest outlook from the US government predicts warmer than average weather, that could have an impact when the US corn and soybean planting campaign gets underway in a few weeks. Warm trend will start April and strengthen through June.
CFTC reports showed a/o 14th March managed money funds had extended their Chicago short position by 37449 contracts – now seen 100629 contract short (13.7m ln t).
BAGE reports Argentine corn and soy should benefit from high yields brought by favourable weather, adding it may increase harvest estimates above its current 54.8mln t for soybeans.
Turkey has removed Russian wheat from an import licence scheme, which could disrupt Russian shipments. New import licences issued by the government did not include Russia among accepted origins a/o 15th March.
Egypt’s recent buying spree is in an effort to keep up with its cash-strapped population’s growing reliance on subsidised bread. Political sensitivity to availability and price leaves the government with little choice but to ensure supply.
Brazilian soybean exports are seen slowing significantly, likely due to lack of farmer selling, although 7.3mln t shipped during Jan/Feb, up from 4.4mln t during the same period a year ago.
France’s AgriMer holds French soft wheat crop ratings unchanged at 92% good/excellent. Cuts winter barley by 1 point to 87%.
Last Trade Settle:
London May ’17 Settle £148.80/t – up £0.05/t from previous close
Paris May ’17 Settle €172.00 – down €0.50/t from previous close
CBOT May ’17 Corn Settle $3.6750/bushel – up 1.50 cents/bushel from previous close
CBOT May ’17 Wheat Settle $4.3625/bushel – up 0.25 cents/bushel from previous close
Currency Today:
GBP EUR 1.1540
GBP USD 1.2410
EUR GBP 0.8665
EUR USD 1.0750
Latest outlook from the US government predicts warmer than average weather, that could have an impact when the US corn and soybean planting campaign gets underway in a few weeks. Warm trend will start April and strengthen through June.
CFTC reports showed a/o 14th March managed money funds had extended their Chicago short position by 37449 contracts – now seen 100629 contract short (13.7m ln t).
BAGE reports Argentine corn and soy should benefit from high yields brought by favourable weather, adding it may increase harvest estimates above its current 54.8mln t for soybeans.
Turkey has removed Russian wheat from an import licence scheme, which could disrupt Russian shipments. New import licences issued by the government did not include Russia among accepted origins a/o 15th March.
Egypt’s recent buying spree is in an effort to keep up with its cash-strapped population’s growing reliance on subsidised bread. Political sensitivity to availability and price leaves the government with little choice but to ensure supply.
Brazilian soybean exports are seen slowing significantly, likely due to lack of farmer selling, although 7.3mln t shipped during Jan/Feb, up from 4.4mln t during the same period a year ago.
France’s AgriMer holds French soft wheat crop ratings unchanged at 92% good/excellent. Cuts winter barley by 1 point to 87%.
Last Trade Settle:
London May ’17 Settle £148.80/t – up £0.05/t from previous close
Paris May ’17 Settle €172.00 – down €0.50/t from previous close
CBOT May ’17 Corn Settle $3.6750/bushel – up 1.50 cents/bushel from previous close
CBOT May ’17 Wheat Settle $4.3625/bushel – up 0.25 cents/bushel from previous close
Currency Today:
GBP EUR 1.1540
GBP USD 1.2410
EUR GBP 0.8665
EUR USD 1.0750