- Location
- Lincolnshire
- US markets – soy higher as a weak US$ and continued Argentine weather concerns support. Corn higher on weak US$ and Argentinian concerns. Wheat higher on weak US$ and ongoing dryness in the US plains sparked some fund short-covering.
- South American weather forecast sees little change - limited rainfall across much of Argentina, with heavier rains in the north this week and limited rainfall in the 10 day forecast. Close to average rains seen for most of Brazil over next 10 days.
- Corn and soybean production will likely fall in Brazil following 2017’s record harvest, reports BMI research while, predicting a smaller contraction in Argentina and adding while the La Nina related risks appear to be waning.
- Egypt has three million tonnes in its strategic reserves, enough to last until early May, a supply ministry official reported – Egypt consumes about 800,000 tonnes of wheat per month.
- Ukraine’s corn prices advanced to a six-month high as demand from the EU and China has increased according to UkrAgroConsult.
- Algeria is tendering for wheat and barley with a deadline for offers today. Price comparison places Argentine wheat about $20 below French supplies, the same differential as at the last tender (since Jan 1st Argentina has shipped 275kmt to Algeria, another 90kmt announced).
- French wheat growers need to slash costs, notably in transport, if they want to stop selling at a loss and regain international market share lost to Black Sea and other producers, their industry association commented.
London May ’18 Settle £139.00/t – unchanged from previous close – traded at yearly low of £138.75 during the session
Paris May ’18 Settle €159.25 – up €1.00/t from previous close
CBOT Mar ’18 Corn Settle $3.5650/bushel – up 5.25 cents/bushel from previous close
CBOT Mar ’18 Wheat Settle $4.3300/bushel – up 11.50 cents/bushel from previous close
Currency Today:
GBP EUR 1.1480
GBP USD 1.4255
EUR GBP 0.8705
EUR USD 1.2410