- Location
- Lincolnshire
- US markets – soy higher with buying triggered by continued dry weather in Argentina. Corn unchanged as large US/global supplies and slow US demand offsets Argentinian weather concerns. Wheat mostly unchanged but supported from declining US crop ratings.
- Australia’s biggest grain handler Grain Corp Ltd, reported that its annual underlying profit nearly tripled on the back of a record wheat crop, but warned of a shrinking harvest and volatile energy costs ahead.
- SAm weather has a weak front bringing light rains to northern Argentina, with the 6-10 day forecast seeing limited rains.
- SAm weather sees light/moderate rains in southern Brazil, with good rainfall in the north. The 6-10 day forecast seeing good rains for much of Brazil – temperatures seen close to average in most of SAm over next 10 days.
- China will exempt VAT on imports of distillers dried grains (DDGS) from Dec 20th, Chinese Finance Minister reported, following talks between Beijing and US President Donald Trump.
- Russia had harvested 138.3mln t of grain before drying and cleaning a/o Nov 20th, with an average yield of 3.03t/ha, from 97% of the total area. This compares with 123.8mln t harvested with an average yield of 2.72t/ha a year earlier.
- Ukraine’s corn exports a/o Nov 22nd were seen down 16.9% at 2.7mln t y/y, with wheat exports down 0.4% y/y at 9.5mln t and barley exports down 5.9% y/y at 3.7mln t.
- Ukrainian winter grain crops are in better condition than at the same time last year thanks to favourable weather, with topsoil moisture higher than a year ago, and even underdeveloped crops at the emergence stage featured simultaneous growth.
- UK wheat values move a little firmer on the week thus far as May18 LIFFE futures found support on the 6 month low @ £142.5 and steady farmer selling.
London Nov ’17 Settle £137.40/t – up £0.80/t from previous close
Paris Dec ’17 Settle €158.75 – up €0.50/t from previous close
CBOT Dec ’17 Corn Settle $3.4525/bushel – up 0.25 cents/bushel from previous close
CBOT Dec ’17 Wheat Settle $4.2275/bushel – down 2.00 cents/bushel from previous close
Currency Today:
GBP EUR 1.1230
GBP USD 1.3295
EUR GBP 0.8900
EUR USD 1.1840