- Location
- UK
Cereals
UK wheat snapped a 3-day losing streak in sympathy with Matif and Chicago.
Russia's Agricultural Ministry see their grain production in 2019 up 5% at 118MT of which 75MMT of wheat (+4% on last year), the second largest on record. The country could even produce a 80MMT cropunder favourable conditions.
Egypt rejected a shipment of Romanian wheat over quality issues whilst a flurry of buying activity saw Saudi Arabia buying wheat yesterday and Algeria tendering.
Australia's Agricultural Ministry sees wheat production rebounding in 2019 following last year's drought-stricken season but only if desperately required rains arrive soon.
Turnaround Tuesday at its best for CBOT and Kansas wheat futures following weeks of fund selling pressure.
Extreme weather condition across US winter wheat areas were also lending support and carefullywatched following a sharp reduction in exportable surpluses seen from the 2018 harvest.
Markets certainly lack weather risk premium at the moment and farmer selling remains hesitant following such a volatile growing season last year.
Erratic session for Mar-19 Matif maize as it expired today.
Oilseeds
Matif rapeseed had another turbulent session with the May-19 contract falling below the 350€/T mark at lunchtime before ending the day up 2€ on yesterday's closing price.
Expectations are increasing that the US and China might reach a trade agreement at a summit planned for March 27th following months of negotiation.
ICE Canola futures remained under pressure with the May-19 contract settling at a fresh contract low after China cancelled Canadian canola shipments amid a deepening diplomatic crisis between the two countries. As a result, the May-19 spread between Matif rapeseed and ICE canola is bouncing back toward the 50€/T mark.
High levels of fund selling have added to oilseeds pressure globally.
Futures & Options prices
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UK wheat snapped a 3-day losing streak in sympathy with Matif and Chicago.
Russia's Agricultural Ministry see their grain production in 2019 up 5% at 118MT of which 75MMT of wheat (+4% on last year), the second largest on record. The country could even produce a 80MMT cropunder favourable conditions.
Egypt rejected a shipment of Romanian wheat over quality issues whilst a flurry of buying activity saw Saudi Arabia buying wheat yesterday and Algeria tendering.
Australia's Agricultural Ministry sees wheat production rebounding in 2019 following last year's drought-stricken season but only if desperately required rains arrive soon.
Turnaround Tuesday at its best for CBOT and Kansas wheat futures following weeks of fund selling pressure.
Extreme weather condition across US winter wheat areas were also lending support and carefullywatched following a sharp reduction in exportable surpluses seen from the 2018 harvest.
Markets certainly lack weather risk premium at the moment and farmer selling remains hesitant following such a volatile growing season last year.
Erratic session for Mar-19 Matif maize as it expired today.
Oilseeds
Matif rapeseed had another turbulent session with the May-19 contract falling below the 350€/T mark at lunchtime before ending the day up 2€ on yesterday's closing price.
Expectations are increasing that the US and China might reach a trade agreement at a summit planned for March 27th following months of negotiation.
ICE Canola futures remained under pressure with the May-19 contract settling at a fresh contract low after China cancelled Canadian canola shipments amid a deepening diplomatic crisis between the two countries. As a result, the May-19 spread between Matif rapeseed and ICE canola is bouncing back toward the 50€/T mark.
High levels of fund selling have added to oilseeds pressure globally.
Futures & Options prices
To receive our daily news wrap directly into your inbox every evening, sign up here https://crmagri.us12.list-manage.com/subscribe?u=3ff340f3a7f8fae8fcb7979ba&id=1f138db2f8