- Location
- Lincolnshire
- US markets – soy lower on record South American crops, likely bearish acreage/stocks report – corn unchanged as good weekly exports/sales, but large South American crops – wheat lower on forecast of needed rains in US plains.
- Safras & Mercado reports Brazilian soy harvest 69% complete vs 5-yr average of 63%. Also Argentine corn harvest may be slowed by rains, but estimates may be climbing above 38mln t.
- Russia’s Ag Ministry says it will replace Turkey’s Russian grain demand with other sources within five months. Turkey this month dropped Russia as a supplier for its import licenses, though denies it has imposed a ban.
- Egypt will continue to import wheat during the local wheat buying season as it aims to increase its strategic reverses, although private sector imports will be banned from Apr15-Jul15.
- China’s Heilongjiang Province plans to further cut corn planting this year by 1.6mln acres, after reducing by 3.3mln acres last year. Region trying to decrease corn acreage due to high grain stocks.
- MATIF futures on both old (May17) and new crop (Dec17) hit yearly lows as market remains under pressure with US prices, record world stocks, improving world conditions and a sharp rise in the euro/US$ seen weighing.
London May ’17 Settle £147.05/t – down £0.60/t from previous close
Paris May ’17 Settle €165.75 – down €1.25/t from previous close
CBOT May ’17 Corn Settle $3.5575/bushel – down 0.50 cents/bushel from previous close
CBOT May ’17 Wheat Settle $4.2075/bushel – down 4.00 cents/bushel from previous close
Currency Today:
GBP EUR 1.1595
GBP USD 1.2590
EUR GBP 0.8620
EUR USD 1.0860