- Location
- UK
more info: www.crmagri.co.uk
Cereals:
- After settling at a contract high last Wednesday, the May-17 LIFFE Feed wheat contract fell due to a strengthening Sterling.
- May-17 Euronext milling wheat spent the day in the red and after touching its short-term technical support of 170.50€/T
- Mar-17 CBOT wheat continued to hover around the c$430 mark, supported by a weaker US Dollar as President Donald Trump signed an order withdrawing the US from the Trans-Pacific Partnership deal.
- Weekly US export inspections were poor for wheat with 276.2KT vs 300-500KT expected whilst strong (once again) for corn with 963.9KT vs 800KT-1,000KT expected.
- December China imports:
- Corn: up 6% year-on-year but down 33% for the year.
- Barley: down 11% yoy / down 53% for the year.
- Ethanol: down 31% yoy / up nearly 30% for the year.
- DDGs: down more than 83% in Dec (y-o-y) and down 55% for the full year.
Oilseeds:
- After hitting its highest since early June 2013 at 427.25€/T on a continuation chart basis, Euronext rapeseed closed flat on the front month which expiries at the end of the month whilst it dropped between 1.25€ to 2.25€/T across the other contracts.
- With lower than expected US export inspections and drier weather in Argentina, CBOT soybeans and soymeal prices were under pressure today, losing nearly 1% and 1.5% respectively.
- After a strong start to the soy harvest in Mato Grosso (which accounts for nearly a third of the Brazilian crop), we could see limited fieldwork in the top soy producing state of Brazil due to rain events.
- CBOT soybeans speculators increased their net long positions by nearly 38K contracts to 119.9K; the largest since mid-December.