- Location
- Lincolnshire
- US markets – soy higher on drier forecast while corn lower, but support seen from firm soy market and a continued threatening weather pattern. Wheat lower on long liquidation (overbought conditions) despite declining US spring ratings, talk of continued dry weather (US plains).
- US Government was set to propose reduced biofuel use requirement in 2018, a move that could mark the first step towards triggering a broader overhaul to the controversial energy policy. EPA will propose energy companies to blend less biofuel in gasoline/diesel.
- US weather – 11-16 day forecast is back to see the setup of ridging in western US and MW flow into the central US, to produce average/below average precipitation in Plains, Midwest and Delta, with temps to run near average in Plains, below in the Midwest/Delta.
- Heavy rains and waterlogged fields are slowing planting of the Argentine wheat crop, with both the BAGE and Rosario grain exchanges indicating that area could be trimmed from current estimates of 5.5-5.6mln ha.
- China’s CNGOIC sees 2017/18 wheat crop at 129.9mln t, up from 129.2mln t previously. Corn seen unchanged at 211.5mln t, despite increased talk of the ‘worst drought on record’ and flooding in the ‘Yangtze River’ region (USDA at 131mln and 215mln t respectively).
London Nov ’17 Settle £150.10/t – down £1.25/t from previous close
Paris Dec ’17 Settle €184.25 – down €2.75/t from previous close
CBOT Dec ’17 Corn Settle $4.0275/bushel – down 1.25 cents/bushel from previous close
CBOT Dec ’17 Wheat Settle $5.6125/bushel – down 18.75 cents/bushel from previous close
Currency Today:
GBP EUR 1.1310
GBP USD 1.2920
EUR GBP 0.8840
EUR USD 1.1420