- Location
- Lincolnshire
- US markets – soy slightly higher on firmer oil complex as the RFS volume mandate for 2017 takes effect (puts in place a 15 billion gallon conventional biofuel requirement, the maximum allowed under law). Corn lower as the market continues to struggle with increasing South American supplies and beneficial moisture falling through the corn belt prior to the planting season (April) in the US. Wheat lower after shift in weather models seen boosting moisture across the great plains, declining state crop ratings in Kansas and Oklahoma provided limited support.
- Macros – US$ weaker on doubts Federal Reserve will speed rate hikes, gold was weaker, crude oil firmer on ideas of OPEC production cut.
- Rising wheat prices in China is seen putting pressure on the country’s smaller flour mills, speeding up rationalisation of the world’s biggest milling industry.
- China sold 474,320t of wheat at auction of state reserve yesterday – sale represents 18% of the 2.625mln t of wheat available.
- Adding to record Brazilian soy crop estimates, the Paraguay Ag Minister reported the country is expecting a record harvest of more than 10mln t.
- UkrAgroConsult reported that a/o 16th Mar, 83% of Ukraine’s winter grain crops were in a good or satisfactory condition.
- Rising fuel and food prices helped to push last month’s UK inflation rate (CPI) to 2.3%, the highest since September 2013 and up from 1.8% in January.
London May ’17 Settle £148.85/t – down £0.10/t from previous close
Paris May ’17 Settle €170.75 – down €0.50/t from previous close
CBOT May ’17 Corn Settle $3.6125/bushel – down 2.25 cents/bushel from previous close
CBOT May ’17 Wheat Settle $4.2650/bushel – down 3.75 cents/bushel from previous close
Currency Today:
GBP EUR 1.1555
GBP USD 1.2465
EUR GBP 0.8650
EUR USD 1.0780