Gleadell Daily Grain Comment - 9th February 2016

[ADM Agriculture]

Daily Grain Comment

Tuesday 9th February 2016

• Chicago wheat saw losses on the day yesterday towards a one-month low, as Ukraine increased its grain export forecasts for 15/16 to 37m mt (up 1m mt) along with expectations for an increased Aus wheat crop as recent rains have helped the current outlook.
• Chicago soybean held the losses from recent weeks yesterday, just off month lows, as beneficial rains in Argentina are seen to continue to help their crop. Rains across the S American continent are also seen to be beneficial to corn crops and expectations are for a near-record.
• A USDA report this afternoon @ 1700GMT sees trade expectations for small upgrades in US Corn, Soy & Wheat closing stocks however global closing stocks on these are expected to be reduced very slightly.
• Balance of Trade Dec figures are released today @ 0930GMT, German GDP Growth Rate figures YoY & QoQ are released on Friday @ 0700GMT with US MoM Retail Sales figures released later that day @ 1330GMT.
• Little change in the forecast from yesterday.

Last Trade Settle:

London Mar ’16 Settle £105.25/mt – down £1.20/mt from previous close.

London May ’16 Settle £107.25/mt – down £1.20/mt from previous close.

Paris March ’16 Settle E153.25/mt – down E3.00/mt from previous close.

Paris May ’16 Settle E161.00/mt – down E2.00/mt from previous close.

Currency today:

GBP EUR 1.2915

EUR GBP 0.7738

EUR USD 1.1179

GBP USD 1.4430