- Location
- Lincolnshire
- US markets – Soybean lower on trade disappointment of scale of Chinese purchase, also seen testing key support levels. Corn lower on spill-over weakness in soy/wheat markets. Wheat lower on technical selling seen from bearish chart formations.
- Recent US soybean purchases by China (2.6mln t in last two weeks) bring the seasonal total so far to 3.152mln t, although this compares with 21.5mln t at the same date last year.
- Rainstorms are building soil moisture across Argentina’s soy belt, with strong showers in key parts of the pampas farm region expected to continue over the weekend.
- Heavy rains in Northern Argentina continue, and have caused some wheat quality concerns, with downgraded production being seen. Cash prices rising instead of declining as harvest enters full swing.
- Soybean harvesting has begun in isolated areas of Brazil’s Mato Grosso regions, as reports of drought-related crop losses continue out of Parana and Mato Grosso do Sol regions, although estimates of potential losses are not available.
- Ukraine’s Ag Ministry reported grain exports may reach 47.2mln t this season, with total exports so far seen at 21mln t up 9% y/y, and mainly due to higher corn exports of 7.5mln t, up from 4.4mln t a year ago.
- Russian Federal Statistics Service pegged their 2018 total grain crop forecast at 112.8mln t, slightly higher than the Ag Ministry’s estimate of 110mln t.
London May ’19 Settle £178.90/t – down £0.15/tonne from previous close
Paris May ’19 Settle €206.25 – down €1.75/tonne from previous close
CBOT Jan ’19 Soybeans Settle - $9.0000/bushel – down 7.75 cents/bushel from previous close
CBOT Mar ’19 Corn Settle - $3.8175/bushel – down 3.75 cent/bushel from previous close
CBOT Mar ’19 Wheat Settle – $5.2250/bushel – down 10.25 cents/bushel from previous close
Currency Today:
GBP EUR 1.1060
GBP USD 1.2685
EUR GBP 0.9040
EUR USD 1.1465