- Location
- Lincolnshire
- US markets – soy higher of talk of ‘dry finish’ to the growing season. Corn higher on talk of lower 2017 US supply and slow US/Brazilian farmer selling. Wheat higher on fund short-covering, despite Informa’s 9.5mln t upward revision of global wheat production.
- US Midwest weather forecast has hit and miss light showers over next 2 days. Dry weather looks to dominate the region for the next 10 days, while temperatures will be below average with no cold air threat in the 3 day, but warming to average/above average by weekend and early next week.
- US Northern Plains weather has no changes as limited rains seen for the region over next 10 days. Temperatures look to run below average before warming to above average early next week.
- US Delta has no changes as things will be dry the rest of the week, weekend, and early next week
- Australia’s wheat crop has experienced persistent dryness in Queensland and NSW since April, along with some cold spells recently, that could reduce crop production to 21-23mln t from 35mln t, according to independent sources.
- Canada’s total 31st July wheat stocks were reported at 6.865mln t (average trade estimates was 6.0mln t), according to Stats Canada. Up nearly 33% from last season’s 5.178mln t, mainly due to higher than expected Durum wheat stocks.
- Brazil’s AgroConsult estimated 2017-18 soybean production at 111.1mln t, with soybean planted area set to increase 3% to 35mln ha for the coming season.
- Disruptions and delays to US wheat exports from Texas as a result of Harvey will persist for days more, trade experts report, after shipments were wiped out last week by flooded railroads and closed port facilities.
- Ukrainian farmers have harvested 37.6mln t of grain in bunker weight (average yield of 3.83t/ha) a/o Sept 5th, from 9.8mln ha (67% of the 14.6mln ha sown with grains). Overall area includes 6.3mln ha wheat and 4.5mln ha of maize.
- IKAR have reduced their estimate of Ukraine’s 2017-18 maize production to 15.4mln t, down 0.6% from their previous estimate, due to unfavourable weather in late July and August.
- Russia needs to remove 3mln t of grain from the domestic market to stabilise prices through purchases for the state reserves or ‘other tools’, reports the Ag Ministry, whilst proposing an almost 100% subsidy for grain supplies by railway to export ports in Russia’s southern ports.
- English harvest is all but done on cereals, while Scotland still has a good acreage to cover. Anecdotal evidence has been for a variable wheat harvest with 1st wheats yielding strongly, but 2nd wheats generally being average to poor, while quality varies across regions.
London Nov ’17 Settle £141.75/t – up £0.45/t from previous close
Paris Dec ’17 Settle €161.75 – down €0.75/t from previous close
CBOT Dec ’17 Corn Settle $3.6100/bushel – up 2.50 cents/bushels from previous close
CBOT Dec ’17 Wheat Settle $4.4575/bushel – up 2.75 cents/bushel from previous close
Currency Today:
GBP EUR 1.0915
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EUR GBP 0.9160
EUR USD 1.1965