- Location
- Lincolnshire
- US markets – soy lower on rains and a more ‘benign’ two-week forecast. Corn lower following decent rains across the mid-west. Wheat lower on weakness in soy/corn markets, rains in US Northern Plains.
- US weather – rains Friday and over the weekend (Dakotas and Mid-west) has resulted in fund-long liquidation continued this morning, as traders cash-in profits following recent hike in prices.
- Canada – Saskatchewan crops are developing quickly, but normally in much of the province, with 71% of winter cereals, 62% of spring cereals and 61% of oilseeds at their normal stage for this time of the year. Many areas remain very dry with crop rating declining due to hot temperatures and lack of rain.
- Argentina’s Ag Ministry slashed its outlook for the 2016-17 soy harvest to 55mln t, down from a previous 57mln t, primarily due to a larger than expected corn planted area.
- India is expected to import up to 4mln t of wheat this fiscal year, despite a bumper harvest, due to cheaper availability in the international markets.
- AgriMer reported that French farmers had harvested 63% of this year’s soft wheat crop a/o 17th July, up 29 points on the week. Crop conditions were stable at 66% good/excellent.
- The euro’s surge to an almost two year high dominated financial and commodity markets on Friday, as markets consolidated after a strong week of grains, although EU values dipped.
London Nov ’17 Settle £148.55/t – up £0.25/t from previous close
Paris Dec ’17 Settle €176.75 – unchanged from previous close
CBOT Dec ’17 Corn Settle $3.9350/bushel – down 11.25 cents/bushel from previous close
CBOT Dec ’17 Wheat Settle $5.2250/bushel – down 6.75 cents/bushel from previous close
Currency Today:
GBP EUR 1.1190
GBP USD 1.3040
EUR GBP 0.8930
EUR USD 1.1650