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Arable Farming
Arable Market Commentary
Gleadell Daily Grain Comment - 24 May 2017
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<blockquote data-quote="ADM Agriculture" data-source="post: 3861638" data-attributes="member: 6746"><p> <ul> <li data-xf-list-type="ul">US markets – soy lower on talk of higher US acreage, increased planting progress. Corn lower despite talk of reduced acreage, increase in planting progress weighs. Wheat lower on improved winter crop ratings, spring planting progress and firmer US$.</li> <li data-xf-list-type="ul">Argentinian Peso was under pressure yesterday with the Argentine central bank not intervening to support. Looking at economic fundamentals it makes sense for the currency to be weakening.</li> <li data-xf-list-type="ul">Brazilian farmers sold a further 700,000-750,000t of soybeans as the real weakened yesterday. Brazilian government has been intervening in supporting the real since last Wednesday, but President has been losing support from key allies.</li> <li data-xf-list-type="ul">Heavy rains this week have bought relief to parched fields in China’s major grain producing regions, breaking a month-long dry spell that has slowed corn plantings and hit winter wheat crops.</li> <li data-xf-list-type="ul">China sold 212,854t of wheat at auction of state reserves. Sale represents 6.9% of the 3.085mln t of wheat available at the auction.</li> <li data-xf-list-type="ul">CEC reported that South African farmers are expected to reap a record 14.73mln t of maize this season, with current harvests indicating robust yields due to good rains.</li> </ul><p><strong>Last Trade Settle:</strong></p><p>London Nov ’17 Settle £141.45/t – down £0.55/t from previous close</p><p>Paris Dec ’17 Settle €171.25 – down €0.50/t from previous close</p><p>CBOT Dec ’17 Corn Settle $3.8775/bushel – down 5.00 cents/bushel from previous close</p><p>CBOT Dec ’17 Wheat Settle $4.6625/bushel – down 3.50 cents/bushel from previous close</p><p></p><p><strong>Currency Today:</strong></p><p>GBP EUR 1.1615</p><p>GBP USD 1.2985</p><p>EUR GBP 0.8605</p><p>EUR USD 1.1175</p></blockquote><p></p>
[QUOTE="ADM Agriculture, post: 3861638, member: 6746"] [LIST] [*]US markets – soy lower on talk of higher US acreage, increased planting progress. Corn lower despite talk of reduced acreage, increase in planting progress weighs. Wheat lower on improved winter crop ratings, spring planting progress and firmer US$. [*]Argentinian Peso was under pressure yesterday with the Argentine central bank not intervening to support. Looking at economic fundamentals it makes sense for the currency to be weakening. [*]Brazilian farmers sold a further 700,000-750,000t of soybeans as the real weakened yesterday. Brazilian government has been intervening in supporting the real since last Wednesday, but President has been losing support from key allies. [*]Heavy rains this week have bought relief to parched fields in China’s major grain producing regions, breaking a month-long dry spell that has slowed corn plantings and hit winter wheat crops. [*]China sold 212,854t of wheat at auction of state reserves. Sale represents 6.9% of the 3.085mln t of wheat available at the auction. [*]CEC reported that South African farmers are expected to reap a record 14.73mln t of maize this season, with current harvests indicating robust yields due to good rains. [/LIST] [B]Last Trade Settle:[/B] London Nov ’17 Settle £141.45/t – down £0.55/t from previous close Paris Dec ’17 Settle €171.25 – down €0.50/t from previous close CBOT Dec ’17 Corn Settle $3.8775/bushel – down 5.00 cents/bushel from previous close CBOT Dec ’17 Wheat Settle $4.6625/bushel – down 3.50 cents/bushel from previous close [B]Currency Today:[/B] GBP EUR 1.1615 GBP USD 1.2985 EUR GBP 0.8605 EUR USD 1.1175 [/QUOTE]
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Gleadell Daily Grain Comment - 24 May 2017
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