- Location
- Lincolnshire
- US markets – soy virtually unchanged as Brazilian harvest commences and Chinese New Year begins, which may limit buying – corn lower on trade concerns and large supplies – wheat down as GASC tender showed how far off US wheat offers were against Russian.
- Concerns about new US trade policy, and strained US/Mexican relations, seen weighing on corn prices. In addition, recent Chinese tariffs on US DDG’s and ethanol also offering price resistance.
- BAGE (Buenos Aires Grain Exchange) reduces its estimate for the Argentine 2016-17 soybean crop to 53.5mln tm from 56mln t previously, citing poor weather as a reason for the lower forecast.
- China plans to get rid of its massive corn stockpile by using it as a raw material for its fledgling biodegradable plastics industry.
- South African farmers have planted almost a third more hectares with maize this season following favourable conditions. CSC report said 2.55mln acres devoted to maize, up 31% y/y.
- IKAR reports a cold spell expected in parts of Russia’s southern region of Rostov and Krasnodar between Jan27-Feb4, poses risks to winter wheat sowings in the area.
- EU soft wheat exports had reached 13.9mln t a/o Jan.24 down 7% from the same time last season.
London May ’17 Settle £149.05/t – up £0.05/t from previous close
Paris May ’17 Settle €170.25 – down €0.75/t from previous close
CBOT Mar ’17 Corn Settle $3.6250/bushel – down 1.25c/bushel from previous close
CBOT Mar ’17 Wheat Settle $4.2050/bushel – down 6.50c/bushel from previous close
Currency Today:
GBP EUR 1.1710
GBP US$ 1.2525
EUR GBP 0.8535
EUR USD 1.0695