- Location
- Lincolnshire
- US markets – soybean lower as South American weather offers support, but ideas that US/China trade talks were not progressing weighed on markets. Corn lower as per soybeans. Wheat lower on soy/corn weakness and failure to break technical support levels.
- US trade representative Robert Lightizer did not see any progress made on structural issues during trade talks with China last week, although positive comments were made on recent Chinese purchases of US soybeans.
- US weekly export inspections had wheat exports running 11% behind y/y vs the current USDA projection forecasting a 11% increase y/y. Corn 61% ahead y/y vs projection of a 1% increase y/y, and soybean 40% behind y/y vs a projection of a 11% decline y/y.
- Brazilian weather sees decent rainfall for all areas except the far northeast region over next few days, with some heavier rainfall in the south. 6-10 day forecast has close to average rainfall except in the far south/northeast where below average rainfall will be seen.
- Argentine weather has rains to fall in most of the growing regions over the next few days, with some flooding seen in the far northern area. 6-10 day forecast still sees fairly quiet weather to settle in.
- Theresa May’s Brexit plan was soundly defeated last night, as sterling reacted positively to the result. Government now faces a vote of no confidence, and the need to come up with a revised Brexit plan (Plan B) within three days.
London May ’19 Settle £175.50/t – down £0.75/tonne from previous close
Paris May ’19 Settle €204.25 – down €0.50/tonne from previous close
CBOT Mar ’19 Soybeans Settle - $8.9325/bushel – down 10.25 cents/bushel from previous close
CBOT Mar ’19 Corn Settle - $3.7125/bushel – down 7.25 cents/bushel from previous close
CBOT Mar ’19 Wheat Settle – $5.1100/bushel – down 3.25 cents/bushel from previous close
Currency Today:
GBP EUR 1.1285
GBP USD 1.2860
EUR GBP 0.8855
EUR USD 1.1390