- Location
- Lincolnshire
- US markets – soy higher after testing and holding onto the 200 day moving average with weather still seen favourable (short-term). Corn traded higher as traders await the rains and impact, while wheat also moved higher on firmer soy/corn and firmer MGE market on crop tour findings.
- Wheat quality council tour calculated an average yield for hard red spring wheat fields in the region/adjacent to Minnesota and South Dakota at 37.9bpa on the first day of a three day crop tour. Figure compares with the 2016 tour’ s first day yields at 43.1bpa.
- US$ continues to weaken as Federal Open Market Committee voted unanimously to leave its benchmark interest rate in a range between 1% and 1.25 %. Federal reserve indicated that it could launch its plan to slowly reduce its large bond portfolio in September.
- US weather – no major changes seen for the Mid-west or Northern Plains areas.
- Canada – Manitoba crop report: hot, humid weather conditions across much of the province are advancing crops quickly, with winter/early spring sowings starting to turn in the SW/NW/central regions are well below normal precipitation and would benefit from rain.
- Russia’s Ag Minister was quoted as saying Russia’s 2017 wheat crop could be on the same level as in 2016, when the country harvested a record wheat crop of 73.3mln t.
- Russia’s Ag Ministry hopes to receive government permission to export some of its grain stock-pile in September. Ministry has considered exporting 500,000t of grain from its 4mln mt stockpile, to free up storage space and lessen federal budget spending.
- Poland’s 2017 grain crop is estimated at 30mln t, which remains nearly unchanged from 2016 when the grain crop totalled 29.8mln t. Due to bigger grain exports in 2016-17, grain reserves have fallen this year, reported the Ag Ministry .
London Nov ’17 Settle £145.75/t – up £0.75/t from previous close
Paris Dec ’17 Settle €173.50 – down €0.25/t from previous close
CBOT Dec ’17 Corn Settle $3.8600/bushel – up 3.75 cents/bushel from previous close
CBOT Dec ’17 Wheat Settle $5.0275/bushel – up 3.75 cents/bushel from previous close
Currency Today:
GBP EUR 1.1210
GBP USD 1.3140
EUR GBP 0.8920
EUR USD 1.1720