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Gleadell Daily Grain Comment - 23 November 2017

ADM Agriculture

Member
Trade
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.
Last Trade Settlement:
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
 

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Webinar: Expanded Sustainable Farming Incentive offer 2024 -26th Sept

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On Thursday 26th September, we’re holding a webinar for farmers to go through the guidance, actions and detail for the expanded Sustainable Farming Incentive (SFI) offer. This was planned for end of May, but had to be delayed due to the general election. We apologise about that.

Farming and Countryside Programme Director, Janet Hughes will be joined by policy leads working on SFI, and colleagues from the Rural Payment Agency and Catchment Sensitive Farming.

This webinar will be...
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