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Arable Farming
Arable Market Commentary
Gleadell Daily Grain Comment - 7 September 2018
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<blockquote data-quote="ADM Agriculture" data-source="post: 5470364" data-attributes="member: 6746"><p> <ul> <li data-xf-list-type="ul">US markets close – Soybean prices stabilised in a tight trading range. Corn marginally higher after trading both sides. Wheat lower on Russian ruble weakness and talk of needed rains entering both the Ukraine and southern parts of Russia.</li> <li data-xf-list-type="ul">US has been the best source for thrifty corn and soybean buyers in recent months, and the low prices & ample supply combination, allowed US exporters to continue their string of record months in July.</li> <li data-xf-list-type="ul">US Midwest weather forecast looks to have more rains moving through the region over next couple of days, then looking to turn drier next week. Temperatures still seen 70’s-90’s (ish).</li> <li data-xf-list-type="ul">US 11-16 day forecast has above average rains for the northern Midwest, average rains in the south, below average rains for the Plains. Temperatures for all regions running close to average.</li> <li data-xf-list-type="ul">Brazil’s industry group Abiove, revises up its 2018 soybean export forecast to a record 76.1mln t, up 3.5mln t from its previous prediction. Output also seen edging higher to 118.8mln t.</li> <li data-xf-list-type="ul">Brazil’s transportation regulator has raised minimum truck freight rates by 5% on average, a move that an exporters’ group estimated would cost the country’s grain sector 3.4bln reals ($818mln).</li> <li data-xf-list-type="ul">Argentina’s BAGE reported the 2018 corn harvest completed, and a slight improvement in the condition of the 2018-19 wheat crop, up 1% good/excellent on the week, although rains in the north/north eastern regions is needed.</li> <li data-xf-list-type="ul">In August 2018, Russia exceeded the monthly grain export record for that month, as exports totalled 5.33mln t (excluding leguminous crops).</li> <li data-xf-list-type="ul">UK futures dipped sharply yesterday following the press release that Vivergo proposes to cease production at the end of September, before bouncing off the lows of the day.</li> </ul><p><strong>Last Trade Settlement:</strong></p><p></p><p>London Nov ’18 Settle £175.25/t – down £2.10/tonne from previous close</p><p></p><p>Paris Dec ’18 Settle €198.25 – down €1.50/tonne from previous close</p><p></p><p>CBOT Nov ’18 Soybeans Settle - $8.3925/bushel – up 1.25 cents/bushel from previous close</p><p></p><p>CBOT Dec ’18 Corn Settle - $3.6625/bushel – up 1.00 cents/bushel from previous close</p><p></p><p>CBOT Dec ’18 Wheat Settle – $5.1375/bushel – down 8.00 cents/bushel from previous close</p><p></p><p><strong>Currency Today:</strong></p><p></p><p>GBP EUR 1.1105</p><p></p><p>GBP USD 1.2935</p><p></p><p>EUR GBP 0.8995</p><p></p><p>EUR USD 1.1640</p></blockquote><p></p>
[QUOTE="ADM Agriculture, post: 5470364, member: 6746"] [LIST] [*]US markets close – Soybean prices stabilised in a tight trading range. Corn marginally higher after trading both sides. Wheat lower on Russian ruble weakness and talk of needed rains entering both the Ukraine and southern parts of Russia. [*]US has been the best source for thrifty corn and soybean buyers in recent months, and the low prices & ample supply combination, allowed US exporters to continue their string of record months in July. [*]US Midwest weather forecast looks to have more rains moving through the region over next couple of days, then looking to turn drier next week. Temperatures still seen 70’s-90’s (ish). [*]US 11-16 day forecast has above average rains for the northern Midwest, average rains in the south, below average rains for the Plains. Temperatures for all regions running close to average. [*]Brazil’s industry group Abiove, revises up its 2018 soybean export forecast to a record 76.1mln t, up 3.5mln t from its previous prediction. Output also seen edging higher to 118.8mln t. [*]Brazil’s transportation regulator has raised minimum truck freight rates by 5% on average, a move that an exporters’ group estimated would cost the country’s grain sector 3.4bln reals ($818mln). [*]Argentina’s BAGE reported the 2018 corn harvest completed, and a slight improvement in the condition of the 2018-19 wheat crop, up 1% good/excellent on the week, although rains in the north/north eastern regions is needed. [*]In August 2018, Russia exceeded the monthly grain export record for that month, as exports totalled 5.33mln t (excluding leguminous crops). [*]UK futures dipped sharply yesterday following the press release that Vivergo proposes to cease production at the end of September, before bouncing off the lows of the day. [/LIST] [B]Last Trade Settlement:[/B] London Nov ’18 Settle £175.25/t – down £2.10/tonne from previous close Paris Dec ’18 Settle €198.25 – down €1.50/tonne from previous close CBOT Nov ’18 Soybeans Settle - $8.3925/bushel – up 1.25 cents/bushel from previous close CBOT Dec ’18 Corn Settle - $3.6625/bushel – up 1.00 cents/bushel from previous close CBOT Dec ’18 Wheat Settle – $5.1375/bushel – down 8.00 cents/bushel from previous close [B]Currency Today:[/B] GBP EUR 1.1105 GBP USD 1.2935 EUR GBP 0.8995 EUR USD 1.1640 [/QUOTE]
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Gleadell Daily Grain Comment - 7 September 2018
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