- Location
- Lincolnshire
- Higher than expected yields have been forecast on the influential Kansas crop-tour this week at 48.6bu/ac (USDA @ 37bu/ac last year, 5-yr tour avg @ 39.3bu/ac) which has added supply pressure sentiment to what is already considered a supply heavy market. Chicago Wheat has seen c.20c/bu losses on the week as a result.
- Lower planting expectations on Chinese Corn and concerns over Brazilian 2nd crop have minimised the downward pressure on Corn yet it has moved lower on the week in order to stay competitive vs wheat.
- UK physical markets continue to feel a light squeeze in the spot, as has been the case for much of the 2nd half of this season, on both FW & FB yet prices are remaining resistant to any major moves upwards.
- Canadian Unemployment Rate April figures are released today @ 1330BST, Chinese Balance of Trade Apr & Exports YoY figures are released on Sunday @ 0300BST.
- The forecasts generally sees little change.
Last Trade Settle:
London May ’16 Settle £107.00/mt – down £0.25/mt from previous close (Expiry 23/5/16).
London Nov ’16 Settle £116.65/mt – down £0.85/mt from previous close.
Paris May ’16 Settle €150.50/mt – unchanged /mt from previous close (Expiry 10/5/16).
Paris Dec ’16 Settle €166.25/mt – down €1.50/mt from previous close.
Currency today:
GBP EUR 1.2686
EUR GBP 0.7877
EUR USD 1.1427
GBP USD 1.4499