- US markets – soy higher on continued talk of increased Chinese demand. Corn higher, with wetter weather in forecast which may further delay plantings. Wheat lower on expected rise in crop ratings despite slow US/Canadian spring plantings, EU dryness and drop in US$.
- NASS reports US winter crop ratings unchanged on the week, still seen as 54% good/excellent (59% last year). Winter wheat 32% headed vs 24% last year. Spring wheat 22% planted vs 40% last year and 34% as 5-yr average.
- NASS reports US corn plantings 17% complete a/o 16th Apr, up 11 percentage points on the week, but lower than the 28% planted at the same time last year and 18% as the 5yr average.
- Ukraine’s Ag Ministry reports the country has sown 2.8mlmn ha with spring grains/leguminous crops, which is 39% of the planned area; includes 158,000ha of wheat (88% of the planned area).
- Russian Ag Ministry expects that in 2017, the wheat harvest will reach 63.7mln t, which is 13% less than last season’s 73.29mln t – total harvest projected at 110mln t.
- Egypt’s Minister of Supply reports country has 2.6 months of wheat reserves with hopes of buying about 4mln t from local farmers this season.
Last Trade Settle:
London May ’17 Settle £146.75/t – up £1.25/t from previous close
Paris May ’17 Settle €162.75 – up €0.25/t from previous close
CBOT May ’17 Corn Settle $3.5925/bushel – up 2.25 cents/bushel from previous close
CBOT May ’17 Wheat Settle $4.0250/bushel – down 2.50 cents/bushel from previous close
GBP EUR 1.1765
GBP USD 1.2810
EUR GBP 0.8500
EUR USD 1.0890