- US markets – soy lower with July17 making a 13-month low on drier outlook for corn/soy belt. Corn lower, pulled down by soy and disappointing export sales. Wheat down on higher Canadian estimate, although Chinese/EU weather issues limits losses.
- Agri-Food Canada increased their wheat output estimate for 2017-18 to 29.5mln t, up from 28.6mln t previously, but added that the unharvested crop from 2016 is still a concern in both quantity and quality.
- Dry and moderate weather conditions at the start of the week, with cooler and rainier conditions late in the week – estimated that 85-90% of spring seedings complete in Manitoba (Canada).
- Argentine Ag Ministry reports farmers are expected to harvest 58mln t of soy and 46.5mln t of corn this season. These are the government’s first estimates of both crops for 2016-17. Sees 2017-18 wheat planted area at 6mln ha, up from 5.1mln ha this year.
- Ukraine’s grain exports total 40.1mln t so far this season, a/o 24th May, exceeding the volume of exports for the whole of last season.
- IGC estimated 2017-18 corn stocks at 197mln t, down 13% y/y and the first decline in 5 years. Wheat stocks estimated at 239mln t, down just 1% y/y.
Last Trade Settle:
London Nov ’17 Settle £141.50/t – up £0.50/t from previous close
Paris Dec ’17 Settle €171.25 – unchanged from previous close
CBOT Dec ’17 Corn Settle $3.8750/bushel – down 2.25 cents/bushel from previous close
CBOT Dec ’17 Wheat Settle $4.6650/bushel – down 1.25 cents/bushel from previous close
GBP EUR 1.1470
GBP USD 1.2865
EUR GBP 0.8715
EUR USD 1.1210