- Location
- Lincolnshire
- US markets – soy slightly lower on solid weekend rains. Corn lower as rains are seen moving across Iowa and Illinois, which is deemed negative to the market. Wheat lower as spring ratings expected to improve, plus mostly favourable global weather.
- CFTC report showed managed money a/o 15th August extended their short Chicago wheat position by 20135 contracts, now seen 34236 contract short. They also trimmed long position in Kansas City by 14326 contracts, but went another 251 contracts long in Minneapolis.
- CFTC report showed managed money a/o 15th August trimmed their long corn position by 27271 contracts to 67073 contracts, but switched their 12913 long soy to a 14399 contract short, selling 27312 contracts.
- NASS reported the US corn crop at 62% gd/exc condition, unchanged on the week, with doughing at 76% vs 83% last year and 77% as 5-yr average, and denting at 29% vs 37% last year and 35% as 5-yr average.
- NASS reported the US soybean crop at 60% good/excellent condition, up 1 point on the week, with 97% blooming vs 98% last year vs 97% as 5-yr average, with 87% setting pods vs 88% last year and 85% as 5-yr average.
- NASS reported the US spring wheat crop at 34% gd/exc condition, up 1% on the week (66% last year), with harvest 58% complete vs 63% last year and 51% as 5-yr average.
- US Midwest weather forecast looks to have near average rainfall across much of the region in the next week. Temperatures will fluctuate between above and below average.
- US Northern Plains weather sees a quieter forecast for most of the week.
- US Delta weather will see light to moderate rains across the region this week.
- The 11-16 day forecast has near average rainfall for NE, IO and MN, with below average precipitation in the rest of the Plains and Midwest, and temperatures seen near average.
- Trade estimates Canadian 2017 all-wheat production at 26.2mln t, with Statistics Canada due to release updated figure on 31st August, against the 31.729mln t produced in 2016.
- Russia had harvested 70.8mln t of grain with an average of 3.98t/ha a/o Aug 17. Ag Ministry data showed this was down from the 74.9mln t harvested, with an average yield of 3.23t/ha by the same date last year.
- Russia may regain leadership in terms of wheat exports in 2017-18 as grain exports may reach 40mln t, reported Minister Alexander Tkachev.
- The condition of the French maize crop was stable in the week to 14th Aug, with 79% of the crop rated good or excellent, unchanged from a week earlier. Wheat harvest was virtually over with 99% of the crop gathered.
- The EU’s crop-monitoring unit raised its yield forecast for this season’s maize crop after welcomed rains in the south and east, but left its soft wheat yield estimate unchanged, as a cut in Germany was offset by a better outlook in France. Cut UK yield to 8.07t/ha (8.24t/ha).
- MATIF futures continued their run of consecutive traded daily contract lows, now seen over the last 13 sessions, after yesterday posting a new low of €159.25. US Chicago also posted new contract low yesterday of $4.35/bushel.
- UK LIFFE markets came under pressure again yesterday in the wake of MATIF making new lows again. LIFFE Nov17 now trading at values not seen since mid-Apr17.
London Nov ’17 Settle £138.00/t – down £0.80/t from previous close
Paris Dec ’17 Settle €160.00 – down €2.00/t from previous close
CBOT Dec ’17 Corn Settle $3.6300/bushel – down 2.75 cents/bushel from previous close
CBOT Dec ’17 Wheat Settle $4.3700/bushel – down 5.50 cents/bushel from previous close
Currency Today:
GBP EUR 1.0920
GBP USD 1.2835
EUR GBP 0.9155
EUR USD 1.1750