- Location
- Lincolnshire
- US markets – soy higher on talk of increased Chinese demand & short covering. Corn higher on short covering & talk of drier August conditions. Wheat higher on short covering and inflation talk - another hurricane heading for US, SE seen adding some support generally.
- NASS reported the US corn crop at 61% good/excellent condition, down 1 point on the week, with doughing at 92% vs 95% last year and 94% as 5-yr average, denting at 60% vs 74% last year and 68% as 5-yr average, with mature at 12% vs 17% last year and 18% as 5-yr average.
- NASS reported the US soybean crop at 61% good/excellent condition, unchanged on the week, with 97% setting pods vs 97% last year and 96% as 5-yr average, and 11% dropping leaves vs 11% last year and 12% as 5-yr average.
- NASS reported the US spring wheat harvest 89% complete vs 90% last year and 78% as 5-yr average.
- US Midwest weather forecast has hit and miss light showers over next 2-3 days. Dry weather looks to dominate the region for the next week to 10 days. Temperatures will be below average with no cold air threat.
- US Delta will see light rains this week, drying out into early next week.
- The 11-16 day US forecast sees below average rainfall for the Plains. Temperatures are seen running near average for the Midwest and Delta.
- Kansas could face hefty yield losses next year from a virus that cost it nearly 6% of production in 2017, as low prices may deter farmers from spending money on herbicides according to media reports.
- Ukrainian farmers have started winter grain sowings for the 2018 harvest, reported the ministry, with the area under winter wheat likely to total 6.1mln hectares.
- UkrAgroConsult have raised its 2017-18 Ukrainian grain export forecast to 42.06mln t, underpinned by a higher-than-expected harvest, now seen at 63.2mln from 61.7mln t a month ago.
- Russian wheat export prices fell for the fifth consecutive week, under pressure from a large new crop, although the decline was limited by a strengthening currency against the US$.
London Nov ’17 Settle £141.30/t – up £1.05/t from previous close
Paris Dec ’17 Settle €162.50 – up €2.00/t from previous close
CBOT Dec ’17 Corn Settle $3.5850/bushel – up 3.25 cents/bushels from previous close
CBOT Dec ’17 Wheat Settle $4.4300/bushel – up 4.25 cents/bushel from previous close
Currency Today:
GBP EUR 1.0915
GBP USD 1.3040
EUR GBP 0.9155
EUR USD 1.1940