- Location
- Lincolnshire
- US markets – soybeans higher on optimistic comments from Lightizer on the US/China trade discussions. Corn marginally higher on rumours of Chinese buying of US corn. Wheat lower as markets gave back some of the previous day’s big gains.
- US EPA released its proposed rule lifting a summer ban on higher-ethanol blends of gasoline to help farmers, putting the agency on a collision course with big oil companies, which has called the move illegal.
- US analyst IEG Vantage (Informa) has US 2019 soy plantings at 85.494mln ac, down from its 86.044mln forecast in February. Corn is seen at 91.771mln ac, up from 91.591mln ac in February, and all-wheat at 46.722mln ac, down slightly from 46.782mln ac in February.
- US mid-west weather forecast has a system moving through the plains and the mid-west bringing widespread and heavy precipitation. Things then quiet down for the weekend and most of next week.
- US Delta/south east weather has moderate to heavy rain falling from the Delta through northern Mississippi into the weekend. After that a period of drier weather will occur through most of next week.
- Brazilian weather forecast continues with rainfall moving through the growing region in an ongoing 10 day period.
- Argentine weather forecast has scattered rains through the growing areas this week. Rains move into the southern growing areas into the weekend, with another front producing rains for the northern two-thirds of the growing areas early next week.
- CONAB reported Brazilian framers will produce 113.5mln t of soybeans in the current growing season, down from its February forecast of 115.3mln t, but raised its forecast for corn production to 92.8mln t, up from 91.7mln t in February.
- India has signed a contract to purchase 100,000t of corn from the Ukraine, with total imports reaching at least 1.5mln t, as the country is expected to harvest about 16mln t of corn in 2019, 21.5% lower compared to last year’s out-put.
- Black Sea wheat exporters are boosting sales to Asia, denting demand for US shipments that were expected to pick up in the second quarter of the year, after a brief slowdown in activity and shipments, as prices being offered are among the cheapest.
- Farm office FrenchAgriMer raised its estimate of 2018-19 French soft wheat exports outside of the EU to 9.5mln t, up from 8.85mln t last month, cutting its estimate for 2018-19 soft wheat ending stocks to 2.4mln t from 3.0mln t previously.
London May ’19 Settle £160.50/t – up £0.25/tonne from previous close
Paris May ’19 Settle €185.25 – up €1.00/tonne from previous close
CBOT May ’19 Soybeans Settle - $9.0100/bushel – up 4.00 cents/bushel from previous close
CBOT May ’19 Corn Settle - $3.6650/bushel – up 0.75 cents/bushel from previous close
CBOT May ’19 Wheat Settle – $4.4725/bushel – down 5.75 cents/bushel from previous close
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