- Location
- Lincolnshire
- US markets – soy higher on likelihood that China will announce commitment to purchase more US beans. Corn unchanged with talk of higher crop/stocks seen as resistance. Wheat unchanged as strength in MGE market pulled CBOT off early losses.
- Trade estimates US soybean crop near 4408mln bushels vs USDA October estimate of 4431mln – ending stocks seen near 420mln vs USDA October estimate of 430mln.
- Trade estimates US corn crop near 14333mln bushels vs USDA October estimate of 14280mln - ending stocks seen near 2366mln vs USDA October estimate of 2340mln.
- Trade estimates US wheat ending stocks near 957mln bushels vs USDA October estimate of 960mln.
- Chinese customs showed soybean imports in October at 5.86mln t, down 28% from the 8.11mln t in September. This was well below trade expectations due to shipment delays, but was still up 12% from the 5.21mln t imported in October last year.
- South American crop scout estimates the 2017-18 Brazilian corn crop at 88mln t, down from 98.5mln t last year, and sees Argentine production at 42mln t vs 41mln t last year.
- Egypt’s GASC purchased 120,000t of Russian wheat for December 15-31 shipment, at prices about $3.00/tonne lower than their previous tender. No Ukrainian or French offers were made, with Romania (the only other origin to offer) $8/tonne too expensive.
- Turkey’s TMO is set to tender for 230,000t of EU milling wheat for December shipment.
London Nov ’17 Settle £139.50/t – up £0.40/t from previous close
Paris Dec ’17 Settle €160.50 – down €1.25/t from previous close
CBOT Dec ’17 Corn Settle $3.4825/bushel – up 0.50 cents/bushel from previous close
CBOT Dec ’17 Wheat Settle $4.2675/bushel – down 0.50 cents/bushel from previous close
Currency Today
GBP EUR 1.1300
GBP USD 1.3110
EUR GBP 0.8845
EUR USD 1.1600