- Location
- Lincolnshire
- US markets close – soy lower on talk that soybean supplies are adequate. Corn lower on talk of better Midwest weather that should allow planting. Wheat lower as rains on the radar in the western parts of the southern plains weighed on prices.
- CFTC reports showed that a/o 17th April, managed funds trimmed their Chicago wheat short by 4734 contracts (now seen 50138 contracts short), while extending their long KCBT position by 2427 contracts (35925), and switching to a long MGE position by 716 contracts.
- CFTC reports showed that a/o 17th April, managed funds reduced their Chicago corn long by 36643 contracts (now seen 138244 contracts long), but extended their Chicago soy long by 36751 contracts (now seen 192968 contracts long).
- US southern plains weather had no major changes. Widespread and soaking rains were due for all the region over the weekend, before quietening down early this week, before light/moderate rains enter the region later this week. Temperatures seen running average to below.
- US Midwest weather had no major changes, with things looking dry for the weekend early this week, before light rains return in the middle of this week and over the weekend. Temperatures still seen running below average.
- South American weather has light/moderate rains in the 6-10 day forecast, with widespread coverage for Argentina, light/moderate for Northern Brazil, and little elsewhere. Temperatures seen running average to above in most of South America.
- China Ag Ministry reported country’s 2018 soybean output to increase 1.9% y/y to 15.18mln t, with corn output to increase 1% y/y to 218mln t.
- South Africa is expected to harvest 3% more maize in 2018 than previously estimated after late rains in the western corn belt boosted yields, the government’s Crop Estimates Committee said, pegging the harvest at 12.75mln t, up from 12.42mln t in March.
- FranceAgriMer estimates 78% of French soft wheat in good/excellent condition a/o April 16th, unchanged on the week. Estimates 6% of the grain maize crop sown vs 1% a week earlier and 49% a year ago.
London May ’18 Settle £143.00/t – down £2.75/tonne from previous close
Paris May ’18 Settle €163.00 – down €1.00/tonne from previous close
CBOT May ’18 Corn Settle - $3.7650/bushel – down 5.50 cents/bushel from previous close
CBOT May ’18 Wheat Settle – $4.6325/bushel – down 13.50 cents/bushel from previous close
Currency Today:
GBP EUR 1.1425
GBP USD 1.3975
EUR GBP 0.8750
EUR USD 1.2235