- Location
- Lincolnshire
- US markets – soy lower as market rises into ‘overbought territory’ which tends to support price reversal – corn unchanged – wheat higher on lower US$ and continues to trade above key support levels.
- President Trump has fulfilled a campaign pledge by signing an executive order to withdraw from the TPP (Trans-Pacific Partnership). Also pledges to business leaders to lower corporate taxes, and regulations ‘slashed’ if they keep jobs in the US.
- SovEcon has stated that Russia will need to export 2.8mln t of grain per month from January through June to reach targets, which could be a daunting task.
- Heavy rains in Brazil’s top soy producing state of Mato Grosso are impacting harvesting in the region and could hurt quality of the crop. Harvest progress reported at only 12% complete.
- China’s maize imports fell by 33% in 2016 to 3.17mln t, after a change in Beijing’s farm support policy helped domestic maize to become more competitive vs imports.
- India is expected to have a bumper wheat production this year thanks to increased plantings and favourable weather thus far.
- UK supreme court rules this morning that the government must have Parliament’s approval prior to the EU’s Article 50 exit clause being triggered.
London May ’17 Settle £149.00/t – down £1.10/t from previous close
Paris May ’17 Settle €171.50 – unchanged from previous close
CBOT Mar ’17 Corn Settle $3.6950/bushel – down 0.25c/bushel from previous close
CBOT Mar ’17 Wheat Settle $4.3325/bushel – up 5.00c/bushel from previous close
Currency Today:
GBP EUR 1.1605
GBP US$ 1.2470
EUR GBP 0.8610
EUR USD 1.0740