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Arable Farming
Arable Market Commentary
Gleadell Daily Grain Comment - 24 January 2017
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<blockquote data-quote="ADM Agriculture" data-source="post: 3400768" data-attributes="member: 6746"><p> <ul> <li data-xf-list-type="ul">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.</li> <li data-xf-list-type="ul">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.</li> <li data-xf-list-type="ul">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.</li> <li data-xf-list-type="ul">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.</li> <li data-xf-list-type="ul">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.</li> <li data-xf-list-type="ul">India is expected to have a bumper wheat production this year thanks to increased plantings and favourable weather thus far.</li> <li data-xf-list-type="ul">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.</li> </ul><p><strong>Last Trade Settle:</strong></p><p>London May ’17 Settle £149.00/t – down £1.10/t from previous close</p><p>Paris May ’17 Settle €171.50 – unchanged from previous close</p><p>CBOT Mar ’17 Corn Settle $3.6950/bushel – down 0.25c/bushel from previous close</p><p>CBOT Mar ’17 Wheat Settle $4.3325/bushel – up 5.00c/bushel from previous close</p><p></p><p><strong>Currency Today:</strong></p><p>GBP EUR 1.1605</p><p>GBP US$ 1.2470</p><p>EUR GBP 0.8610</p><p>EUR USD 1.0740</p></blockquote><p></p>
[QUOTE="ADM Agriculture, post: 3400768, member: 6746"] [LIST] [*]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. [/LIST] [B]Last Trade Settle:[/B] 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 $4.3325/bushel – up 5.00c/bushel from previous close [B]Currency Today:[/B] GBP EUR 1.1605 GBP US$ 1.2470 EUR GBP 0.8610 EUR USD 1.0740 [/QUOTE]
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Gleadell Daily Grain Comment - 24 January 2017
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