- Location
- Lincolnshire
- US markets – soy lower on anticipation of larger SAm production - corn lower on fears SAm production will be raised/lower crude oil market - wheat lower on forecasts for showers in parts of the US plains/higher US$ and technical price action.
- USDA out tonight at 5pm with US trade focused on SAm production numbers (corn / soy). Little change expected in US number ahead of March 1ST stock figure release. Higher global corn/wheat estimates may raise global ending stocks.
- USDA attaché in Russia reports wheat production in 2016 reached a record high of 73mln t.
- USDA attaché in India reports country is heading for a near-record harvest, with a 2017-18 wheat production forecast at 95mln t, on a record area of 31.8mln ha.
- Chinese soy imports climbed 23% y/y in February to 5.54mln t, although down 28% from the 7.66mln t imported in January.
- China in February unexpectedly posted its first trade deficit in 3 years, as imports surged 38.1% y/y, while exports saw a surprise decline of 1.3%.
- Farm office France AgriMer increased its forecast for soft wheat stock at the end of the 2017-17 season to 3mln t, up from 2.75mln t last month.
- AHDB’s Winter Planting Survey projects English/Welsh wheat plantings a/o Dec 1st were down 3% y/y at 1.612mln ha. This suggests that the UK wheat area for the 2017 season will be the lowest since 2013.
London May ’17 Settle £148.90/t – up £0.20/t from previous close
Paris May ’17 Settle €174.00 – down €0.25/t from previous close
CBOT May ’17 Corn Settle $3.5725/bushel – down 2.75 cents/bushel from previous close
CBOT May ’17 Wheat Settle $4.4700/bushel – down 9.50 cents/bushel from previous close
Currency Today:
GBP EUR 1.1510
GBP USD 1.2150
EUR GBP 0.8690
EUR USD 1.0555
