- Location
- Lincolnshire
- US market – soy rallied c. 5 c/bu yesterday on the backing of a weaker USD and reports of firm Chinese buying of US product. Corn also saw an uptick on the day, albeit limited, while wheat saw further buying following bigger numbers paid in the GASC tender. All US grains/seeds closed marginally up on the day.
- Coceral marginally increased their 17/18 forecast for EU soft wheat production by 0.1m mt to 142.1m mt (last yr 135.5m mt), however lowered their EU corn forecast by 0.7m mt to 59.3m mt (last yr 60.8m mt). EU barley up 0.9m mt @ 58.1m mt (last yr 59.7m mt), and EU OSR up 0.6m mt @ 22.1m mt (last yr @ 20.5m mt).
- Matif wheat traded higher yesterday on a mix of GASC tender price hike news and a weaker euro, and has traded up a further €1.00/t in trade this morning.
- £ continues to move firmer this morning having seen a pullback in trading from yesterday morning’s highs before moving higher again.
- GB Public Sector net borrowing Aug17 reported at -£5.9bn this morning vs forecasts of -£6.7bn. Tomorrow @ 0830 GMT brings German Manufacturing PMI, expecting a slight increase in expansion following Augusts slight reduction.
- LIFFE firmed £0.95/mt yesterday on follow through from a general firmness in Ag commodities, despite the firm £. Wet weather is slowing English bean harvest currently with estimates of c.70% still to harvest in the north of the UK, while anecdotal evidence suggests a steady wheat harvest in Scotland is causing spot supply issues.
London Nov ’17 Settle £140.85/t – up £0.95/t from previous close
Paris Dec ’17 Settle €163.00/t – up €1.00/t from previous close
CBOT Dec ’17 Corn Settle $3.5000/bushel – up 2 cents/bushel from previous close
CBOT Dec ’17 Wheat Settle $4.4975/bushel – up 8.5 cents/bushel from previous close
Currency Today:
GBP EUR 1.1336
GBP USD 1.3505
EUR GBP 0.8816
EUR USD 1.1910