Gleadell Daily Grain Comment - 8th October 2015

[ADM Agriculture]

Daily Grain Comment

Thursday 8th October 2015

• Chicago wheat saw gains in morning trade yesterday before aggressively bouncing off the high on the open of afternoon trade on the back of a technical pullback and profit taking.
• The USDA monthly S&D report is released tomorrow at 1700BST with commentary revolving around US Corn and Soybean crops. Ukraine Corn yields will also be under question as harvest progression thus far suggests a considerably smaller crop than previous USDA reports suggest on the back of dryness in the region recently.
• The UK continues to find export business for both Barley and Wheat for the pre-Christmas period yet trade expectations are for an appreciating sterling into the new year on the back of potential interest rate raises by the BoE.
• BoE Interest Rate Decision will be made today at 1200BST, Fed minutes are released 1900BST today and the USDA Monthly S & D report comes out tomorrow at 1700BST.
• The US turns much dryer and warmer across the board into the weekend. E Eur continues to see precipitation while Russia/Ukraine continues to be dry in the short term whilst turning wetter in the medium term. Brazil turns dryer into the 5-day while Arg continues to see heavy rains. S Aus sees more rain in the 10-day forecast but remains warm.

Last Trade Settle:

London Nov ’15 Settle £114.5/mt – down £2.30 from previous close

London May ’16 Settle £124.00/mt – down 2.00 from previous close



Paris Dec ’15 Settle E178.25/mt – down E1.00 from previous close

Paris May ’16 Settle E190.50/mt – down E2.00 from previous close





Currency this morning:

GBP EUR 1.3576

EUR GBP 0.7363

EUR USD 1.1291

GBP USD 1.5333