- Location
- Lincolnshire
- US markets – soy unchanged to lower on talk of higher 2017 production/possible US acreage. Corn down as traders apparently ‘gave-up’ on concerns that wet weather would delay the planting of the crop. Wheat down as tour suggested potential yield loss in Kansas less than expected following last weekend’s severe storm/freezing temperatures.
- US market pressure attributed to a ‘sell-off’ in several commodities as a risk off attitude had overtaken many markets. Lower Chinese markets on deleveraging of the banking system/credit crunch hit crude and gold prices.
- US quality wheat tour (2nd day) of Kansas wheat fields projected an average yield of 46.9bpa in the SW portion of the state, just down from last season’s 49.3pba. Tour pegs the state’s average yield at 46.1pba, down from last season’s tour of 48.6pba.
- Industry wheat tour of Oklahoma wheat fields projected an average yield of 33.7pba, down from last season record yield of 39bpa.
- BAGE left their estimate of the Argentine soy crop at 56.5mln t and estimated harvest progress at 49% complete.
- China will start selling corn from its huge state reserves on 5th May, aiming to sell up to 2.5mln t at its first auction.
- Russia will resume grain exports to Turkey within the next few days after resolving issues with Ankara that had been restricting supplies.
London Nov ’17 Settle £139.50/t – down £0.60/t from previous close
Paris Dec ’17 Settle €171.50 – down €1.75/t from previous close
CBOT Nov ’17 Corn Settle $3.8450/bushel – down 7.75 cents/bushel from previous close
CBOT Nov ’17 Wheat Settle $4.7300/bushel – down 15.00 cents/bushel from previous close
Currency Today:
GBP EUR 1.1805
GBP USD 1.2940
EUR GBP 0.8470
EUR USD 1.0960