- Location
- Lincolnshire
- US markets – soy lower as lack of follow through buying triggered profit taking – corn lower in tight trading range – wheat lower on higher US$ & soy/corn weakness, despite dryness concerns.
- South American weather – Argentina has a cold front bringing moderate rains; things quiet down most of next week. Brazil still on/off showers and thunderstorms in most areas.
- EU Commission pegs 2017 EU soft wheat crops at 143mln t, up 6.5% y/y. Soft wheat exports seen at 28.9mln t vs 24mln t this season. Ending stocks projected at 10.2mln t vs 10.3mln t y/y.
- French Matif continues to firm on weak euro and Egyptian tender results. May Matif reaches highest level since August last year.
- The annual rate of inflation in the Eurozone rose above ECB’s target for the first time in four years during February, driven higher by another rise in energy prices.
- President of the CBI says leaving the EU without a trade deal would be ‘irresponsible’, but also commented that both UK and European firms fear this ‘worst-case scenario’.
London May ’17 Settle £148.25/t – down £0.35/t from previous close
Paris May ’17 Settle €177.25 – up €0.5/t from previous close
CBOT Mar ’17 Corn Settle $3.7275/bushel – down 3.00 cents/bushel from previous close
CBOT Mar ’17 Wheat Settle $4.320/bushel – down 3.50 cents/bushel from previous close
Currency Today:
GBP EUR 1.1650
GBP USD 1.2260
EUR GBP 0.8580
EUR USD 1.0525