- Location
- Lincolnshire
- US markets close – Soybean higher on ‘flash sale’ to Mexico, although talk of larger US crop and quick start to SA plantings provided resistance. Corn marginally lower, although good demand supporting. Wheat lower as Australian secured all tonnage by Iraqi tender.
- US Midwest weather forecast has rains finishing by the weekend, before a lighter front late into the weekend and another coming through later next week. Average/below average temperatures seen this week, above average seen in the SE half of the region next week.
- US 11-16 day forecast indicates below average precipitation and above average temperatures for the plains. Average to above average precipitation and average to below average temperatures are seen for the Midwest.
- Wire stories report Brazil is expected to import around 1mln t of soybeans in the coming months from its largest competitor the US, as local supplies dwindle. Would be the first time Brazil has needed to import from the US.
- Brazil’s new soy crop view raised due to favourable weather - crop seen at 122mln t vs 121mln t last month according to consultancy group Informa. Brazil’s soy planted area seen at 36.2mln ha.
- Argentina’s grain movement/shipping infrastructure came to a halt yesterday as the country’s largest union called a 24-hour strike to protest against President Macri’s handling of the economy, which has been racked by runaway inflation.
- Argentina’s BAGE estimated the country’s 2018-19 soybean production at 53mln t compared to the drought affected 35.1mln t this year. Sees the 2018-19 corn production at a record 43mln t up from last year’s 31.7mln t, and wheat at 19.7mln t, compared with 17.8mln last year.
- Recent rains across Ukraine and Russia have improved conditions for 2018’s winter grain sowings and the prospects for the next year’s harvest, weather forecasters commented.
- Ukraine will not review a recently signed memorandum with traders on the volume of wheat available for export in the 2018-19 marketing season, the Ag Ministry commented. The memorandum allows export of 8mln t of milling and 8mln t of feed wheat.
- Ukraine ‘s grain exports were seen at 8.65mln t so far for the season that started July 1st, which are down 8.6% from last year, although corn exports are seen at 1.5mln t, up 23% on last year.
- Kazakhstan harvested 13.95mln t of grain a/o Sept 24th from over 10.8mln ha of land (72% of harvested area), with average yields 1.29t/ha. Same time last year 14.46lmb ha or 94% of the harvested area had been completed with average yields of 1.34t/ha.
- Germany, in most years one of the EU’s largest exporters, is expected to become a net importer after a hot, dry, summer that damaged crops.
Last Trade Settlement:
London Nov ’18 Settle £177.90/t – up £1.15/tonne from previous close
Paris Dec ’18 Settle €201.25 – up €0.25/tonne from previous close
CBOT Nov ’18 Soybeans Settle - $8.5000/bushel – up 4.25 cents/bushel from previous close
CBOT Dec ’18 Corn Settle - $3.6300/bushel – down 0.75 cents/bushel from previous close
CBOT Dec ’18 Wheat Settle – $5.1750/bushel – down 3.25 cents/bushel from previous close
Currency Today:
GBP EUR 1.1200
GBP USD 1.3120
EUR GBP 0.8925
EUR USD 1.1710