- Location
- Lincolnshire
- US markets – soy higher on slowdown in Brazilian farmer selling – corn higher as expecting small cut in US stocks/Brazil soy delays – wheat up on ‘spill-over’ support/pre-report short covering.
- SA weather – Argentina dry before moderate/heavy rain develops into the weekend. Brazil, moderate/heavy rains developing into the weekend (south); hit and miss rains to continue (north).
- China will consume more domestic maize in 2016-17, after Government imposed anti-dumping duties on US DDG’s. CNGOIC raises usage forecast to 197.6mln t, up 21mln t y/y.
- China approves soybean imports from Kazakhstan & Uruguay, provided the beans meet agreed quarantine requirements.
- Russian exports of wheat increased to 25.3mln t in 2016, up from 21.2mln t in 2015.
- India has purchased more than 5mln t of wheat since mid-2016, after it began an import campaign to meet a supply shortfall after two years of lower production.
- MATIF futures rose to a 4-week high as weaker euro seen as export-boosting. Russian prices continue to firm as growers keep supplies off the market, despite export demand/strong currency.
- The House of Lords has been warned its existence will be put at risk if it attempts to block the Brexit bill after MP’s voted to pass it unamended.
London May ’17 Settle £147.60/t – down £0.40/t from previous close
Paris May ’17 Settle €172.00 – up €1.25/t from previous close
CBOT Mar ’17 Corn Settle $3.7075/bushel – up 2.25c/bushel from previous close
CBOT Mar ’17 Wheat Settle $4.3250/bushel – up 1.75c/bushel from previous close
Currency Today:
GBP EUR 1.1740
GBP US$ 1.2570
EUR GBP 0.8515
EUR USD 1.0705