Gleadell Daily Grain Comment - 4 July 2018

ADM Agriculture

Member
Trade
Location
Lincolnshire
  • US markets close – soybean lower as buyers stay hesitant ahead of the 6th July tariff deadline. Corn higher on slight drop in crop ratings, talk of hotter weather entering the Midwest. Wheat higher on position squaring ahead of the 4th July holiday.
  • US Midwest weather forecast has heat returning to the central US with highs in the mid 90’s into the July 4th holiday, with the weekend seeing more seasonal temperatures across the Midwest.
  • US Southern Plains weather forecast is warm and wet for areas in eastern Texas and Oklahoma, with elevated risk of wildfires continues in the Southwest regions with intense heat and dryness.
  • Argentine 2018-19 soy and corn crops to benefit from El Nino according to a head investigator at the National Institute for Agricultural Technology. Waters to heat up slowly, so a weak El Nino will form, bringing good rainfall.
  • Chinese companies are expected to cancel most of the remaining soybeans they have committed to buy from the US in the year ending August 31st, once the extra tariff on US imports takes effect from Friday (adds up to about 1.14mln t of soybeans).
  • Indonesia allow entry of Russian wheat contaminated with fungus, as the importer has required safety equipment to treat the contaminated wheat at its mill. Indonesia found a similar case with Ukrainian cargo.
  • Russia has harvested 9.5mln t of grain with an average yield of 3.82t/ha from 5% of the area, data from the Ag Ministry showed. It had harvested 1.2mln t with an average yield of 4.42t/ha on the same date a year earlier.
  • IKAR reduced their 2018-19 Russian corn production estimate to 12.3mln t from 12.8mln t previously, due to adverse weather in the Southern regions of the country.
Last Trade Settlement:

London Nov ’18 Settle £169.15/t – up £2.50/tonne from previous close

Paris Dec ’18 Settle €185.50 – up €2.00/tonne from previous close

CBOT Nov ’18 Soybean Settle - $8.6425 – down 5.25 cents/bushel from previous

CBOT Dec ’18 Corn Settle - $3.6425 – up 5.25 cents/bushel from previous close

CBOT Dec ’18 Wheat Settle – $5.0650 – up 9.75 cents/bushel from previous close

US MARKETS CLOSED TODAY DUE TO INDEPENDENCE DAY – happy holiday

Currency Today:

GBP EUR 1.1315

GBP USD 1.3175

EUR GBP 0.8835

EUR USD 1.1640
 

SFI - What % were you taking out of production?

  • 0 %

    Votes: 78 42.9%
  • Up to 25%

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  • 25-50%

    Votes: 30 16.5%
  • 50-75%

    Votes: 3 1.6%
  • 75-100%

    Votes: 3 1.6%
  • 100% I’ve had enough of farming!

    Votes: 5 2.7%

Red Tractor drops launch of green farming scheme amid anger from farmers

  • 1,286
  • 1
As reported in Independent


quote: “Red Tractor has confirmed it is dropping plans to launch its green farming assurance standard in April“

read the TFF thread here: https://thefarmingforum.co.uk/index.php?threads/gfc-was-to-go-ahead-now-not-going-ahead.405234/
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