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Arable Farming
Arable Market Commentary
Gleadell Daily Grain Comment - 23 November 2017
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<blockquote data-quote="ADM Agriculture" data-source="post: 4506452" data-attributes="member: 6746"><p> <ul> <li data-xf-list-type="ul">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.</li> <li data-xf-list-type="ul">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.</li> <li data-xf-list-type="ul">SAm weather has a weak front bringing light rains to northern Argentina, with the 6-10 day forecast seeing limited rains.</li> <li data-xf-list-type="ul">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.</li> <li data-xf-list-type="ul">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.</li> <li data-xf-list-type="ul">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.</li> <li data-xf-list-type="ul">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.</li> <li data-xf-list-type="ul">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.</li> <li data-xf-list-type="ul">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.</li> </ul><p><strong>Last Trade Settlement:</strong></p><p>London Nov ’17 Settle £137.40/t – up £0.80/t from previous close</p><p>Paris Dec ’17 Settle €158.75 – up €0.50/t from previous close</p><p>CBOT Dec ’17 Corn Settle $3.4525/bushel – up 0.25 cents/bushel from previous close</p><p>CBOT Dec ’17 Wheat Settle $4.2275/bushel – down 2.00 cents/bushel from previous close</p><p></p><p><strong>Currency Today:</strong></p><p>GBP EUR 1.1230</p><p>GBP USD 1.3295</p><p>EUR GBP 0.8900</p><p>EUR USD 1.1840</p></blockquote><p></p>
[QUOTE="ADM Agriculture, post: 4506452, member: 6746"] [LIST] [*]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. [/LIST] [B]Last Trade Settlement:[/B] 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 [B]Currency Today:[/B] GBP EUR 1.1230 GBP USD 1.3295 EUR GBP 0.8900 EUR USD 1.1840 [/QUOTE]
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Gleadell Daily Grain Comment - 23 November 2017
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