- Location
- Lincolnshire
- US markets close – soy higher on talk US Treasury Sec will be going to China next week to talk trade. Corn higher on talk that dry weather could lower Brazil’s final crop, lower Chinese corn acres. Wheat higher on concerns over crop’s condition, talk of recent freeze damage.
- US President Trump is caught between two powerful business constituents of the REPUBLIC party, as he faces growing pressure to resolve a dispute between the oil industry and the farm belt over the US ethanol mandate.
- US President Trump said on Tuesday a new NAFTA could be agreed on quickly, as Canada hailed progress on forging new rules for the auto industry, the pivotal issue in talks to revamp the 24-year accord.
- US southern plains weather forecast is mainly dry for the rest of the week, the weekend, and much of next week. Some moderate rains may occur by the end of next week. Temperatures look to be running average to below average through the week.
- US Midwest weather forecast looks quiet for the rest of the week, the weekend, and early parts of next week, with widespread and soaking rains for much of the region by next weekend. Temperatures look to warm to average/above average for the weekend and next week.
- Argentine farmers are expected to plant 5.9mln ha of wheat for the 2018-19 crop, up from 5.7mln the prior season, due to higher prices and improving weather after months of drought, the BAGE reported, citing area could decline if weather conditions are poor during planting.
- China’s 2018 corn planting acreage will fall by more than 5mln mu, or 333,000ha, an Ag Ministry official reported yesterday, even as officials have forecast an increase in output for the upcoming crop.
- China’s purchase of US soybeans have come to a grinding halt, trade and industry sources say, as fears of further action by Beijing to curb imports of US crops, following last week’s anti-dumping move on sorghum, rattles the agriculture industry.
- Russia’s cold and wet start to spring has the winter wheat growth behind and analysts have starting cutting production estimates already. IKAR cut their wheat harvest estimate to 72-78mln t, with SovEcon forecasting 77.4mln t, down from the 85mln t produced last year.
London May ’18 Settle £143.00/t – up £0.30/tonne from previous close
Paris May ’18 Settle €165.25 – up €1.75/tonne from previous close
CBOT May ’18 Corn Settle - $3.8650/bushel – up 5.25 cents/bushel from previous close
CBOT May ’18 Wheat Settle – $4.8625/bushel – up 13.75 cents/bushel from previous close
Currency Today:
GBP EUR 1.1430
GBP USD 1.3910
EUR GBP 0.8745
EUR USD 1.2170