- Location
- Lincolnshire
- US markets – soy lower, pressured by less threatening weather. Corn lower on better than anticipated rains over the weekend in northern/eastern corn belts. Wheat lower on weaker MGE market after rains in the Northern Plains.
- CFTC report showed managed money a/o 18th July trimmed their Chicago wheat long by 8759 contracts, now seen 35926 contract long. They trimmed long positions in Kansas City by 2193 contracts too, but extended MGE long by 940 contracts in spread trading.
- CFTC report showed managed money a/o 18th July extended their long corn position by 3706 contracts to 104670 contracts. Also extended soy long position by 19303 contracts to 38351 contracts.
- NASS reported the US corn crop at 62% good/excellent condition, down 2 points on the week, with 67% of the crop silking (76% YoY and 69% as 5-yr avg). Initial report pegged dough at 8% vs 12% last year and 13% as 5-yr average.
- NASS reported the US soybean crop at 57% good/excellent condition, down 4 points on the week, with 69% blooming vs 74% last year vs 67% as 5-yr average. Reported 29% setting pods vs 33% last year and 27% as 5-yr average.
- NASS reported the US winter wheat crop at 84% harvested vs 82% last year and 80% as 5-yr average.
- NASS reported the US spring wheat crop at 33% good/excellent condition, down 1 point on the week (68% last year), with 96% of the crop seen as headed vs 99% last year and 94% as 5-yr average.
- US mid-west weather sees a front bringing precipitation to Minnesota and Iowa. The GFS then sees rains impacting most of Illinois, Indiana and Ohio, missing Wisconsin and Michigan.
- Canada – Alberta crop conditions a/o 18th July; precipitation over the past 30 days has been highly variable, rating of crop growing condition fell 6 points from last week to 65% good/excellent, compared with the 5-yr average of 69%.
- India’s planting of summer crops increased at its slowest pace this year as of 19th July, as half of the country’s states and territories received less rain than normal. Overall planting grew 1.8% to 68.53mln ha in the week.
- Russia had harvested 26.7mln t of grain with an average yield of 4.40t/ha a/o 21st July. Down from 32.7mln t harvested with an average yield of 4.07t/ha by the same date last year.
- French consultancy Agritel says that France will harvest 36.64mln t of soft wheat this year, up 33% from a poor harvest in 2016, and in line with the 2008-2015 average. Expected yields of 7.12t/ha would be 3.6% below the average, but compensated by the rise in area.
- MATIF continued to weaken as the euro hit a 23-month high against an ailing US$. Euro has risen recently on expectations that the ECB will scale back its bond-buying monetary stimulus scheme, while US$ is hamstrung by political uncertainty in Washington.
London Nov ’17 Settle £146.80/t – down £1.75/t from previous close
Paris Dec ’17 Settle €175.25 – down €1.50/t from previous close
CBOT Dec ’17 Corn Settle $3.9075/bushel – down 2.75 cents/bushel from previous close
CBOT Dec ’17 Wheat Settle $5.1350/bushel – down 9.00 cents/bushel from previous close
Currency Today:
GBP EUR 1.1175
GBP USD 1.3020
EUR GBP 0.8945
EUR USD 1.1650