- Location
- Lincolnshire
- US markets – soy higher following a bounce back in the Brazilian Real. Corn higher on stronger soy market and rains still seen in the corn-belt forecast. Wheat higher as reports of strong winds and hail hit large areas of Oklahoma and Kansas prompting crop damage fears.
- CFTC report showed a/o 16th May, managed funds extended their Chicago wheat short by 13493 contracts, now seen 121385 contract short (16.5mln t). Trimmed Kansas City long position by 11051 contracts and slightly reduced Minneapolis short by 1013 contracts.
- BAGE said it expected Argentine farmers to plant 5.5mln ha with wheat this season, up from 5.1mln t last year, affirming the preliminary forecast it made last month when it estimated the country’ s 2017-18 wheat harvest at 17.5mln t.
- Brazilian farmers have been rushing to sell soybeans after a 7% drop in the real currency made their supplies more affordable than exports from the US.
- Mexico expects to import a record amount of corn from Brazil this year after producers secured lower prices in deals with suppliers on a recent visit to South America as NAFTA talks loom.
- China sold 3.56mln t of 2013 corn at auction of state reserves. Sales represent 89% of the 4mln t of corn available at auction.
- In tender activity, wire stories report Venezuela to start importing 60,000t of Russian wheat this month. Indonesia purchased 70,000t Australian and 60,000t Black Sea wheat, while Tunisia purchased 92,000t of optional-origin wheat.
- France’s AgriMer reported a slight decline in the condition of the French soft wheat crop a/o 15th May. The crop is estimated at 75% good/excellent condition, down from 76% a week earlier.
London Nov ’17 Settle £140.45/t – up £0.35/t from previous close
Paris Dec ’17 Settle €170.00 – unchanged from previous close
CBOT Nov ’17 Corn Settle $3.9025/bushel – up 6.25 cents/bushel from previous close
CBOT Nov ’17 Wheat Settle $4.6975/bushel – up 8.25 cents/bushel from previous close
Currency Today:
GBP EUR 1.1605
GBP USD 1.2970
EUR GBP 0.8610
EUR USD 1.1172