Gleadell Daily Grain Comment - 6 February 2017

[ADM Agriculture]

• US markets – soy lower linked to funds reducing long position of favourable SA weather – corn lower of higher Informa Brazilian production forecast – wheat lower on talk of higher global stocks in this week’s USDA report.
• W/e Jan 31st CFTC report showed managed funds increased their Chicago wheat short by 10388 contracts – now seen 99087 contracts short (13.5mln t).
• Statistics Canada reports Dec 31st all-wheat stocks at 25mln t vs 21.4mln t y/y.
• Ukraine’s Ag Ministry says the EU is mulling a cut in the duty-free import quota for Ukrainian maize.

Last Trade Settle:
London May ’17 Settle £148.05/t – down £0.95/t from previous close
Paris May ’17 Settle €170.75 – down €0.50/t from previous close
CBOT Mar ’17 Corn Settle $3.6525/bushel – down 2.25c/bushel from previous close
CBOT Mar ’17 Wheat Settle $4.3025/bushel – down 4.25c/bushel from previous close

Currency Today:
GBP EUR 1.1605
GBP US$ 1.2470
EUR GBP 0.8615
EUR USD 1.0745