UK wheat heads towards 1 month lows, oilseeds feel pressure.

[CRM AgriCommodities]

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**as of 23.03.17**

Cereals

• UK wheat continued lower for a 2nd consecutive session as the Sterling reached its highest against the US Dollar since the end of February. New crop Nov-17 LIFFE Feed wheat dropped more than 1% to a more than 3-week low of £137.25/T.
• May-17 Euronext wheat was down for a 6th consecutive session and reached a 7-week low of 167€/T which coincides with a technical support.
• Weak weekly EU wheat exports with less than 100KT, the lowest so far this season [See Chart of the Day].
• SovEcon pegged the 2017 Russia wheat production at 62.5MlnT vs last year's record of 73.3MlnT.
• May-17 CBOT corn hit its lowest in 2017 and was down for a 4th consecutive session on confirmation of record production in South America.

Mar-17 LIFFE Feed wheat contract expired today.


Oilseeds

• Euronext rapeseed closed down across the board on weaker veg/crude oil prices and ample soybean supplies from South America.
• Despite strong weekly export sales, May-17 CBOT soybean dropped more than c$8/bu to a more than 5-month low on confirmation of record South American production and strong export competition.
• The Buenos Aires exchange raised its Argentina 2016/17 soybean crop by 1.7MlnT to 56.5MlnT.
• The ICE Canola market tumbled 2.5% or nearly CAD$13/T on rumours of sales cancellation.
• Weekly EU Oilseeds imports:
  • Soybeans: 135.2KT / total this season: 9.3MlnT (vs 9.9MlnT LY);
  • Rapeseed: 4.4KT / total: 2.7MlnT (vs 2.5MlnT LY);
  • Soymeal: 181.5KT / total: 12.5MlnT (vs 15.2MlnT LY);
  • Rapemeal: 3KT / total: 160.1KT (vs 359.7KT LY);
  • Palm oil: 52.9KT / total: 4MlnT (vs 5MlnT LY).

Chart of the Day#1: EU Wheat/Barley exports

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Futures & Options prices

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[Daniel]

In the case of Soymeal and Soybean oil, what would you have to add to that to get an on farm delivered price?