International Grain, Seed and Fertiliser Merchant

Daily Grain Comments

Wednesday 17 January 2018

  • US markets – soy moved higher following USDA report with focus remaining on SAm weather. Corn saw slight gains from the contract lows as export inspection total is down 36% YoY. Wheat (Chicago & Kansas) sees falls on follow through selling after an unchanged USDA forecast US acreage.
  • GASC bought 295k mt of wheat (all Russian) for 20-28/2/18 delivery at a reported value $212/mt CIF. Prices moved c. $5/mt firmer from last week’s prices, which were considered cheap at the time, on continued trader concerns around testing of grain on arrival in Egypt and any potential demurrage fallout.
  • Matif saw a day of selling on the back of a firmer EUUSD which resulted in wheat, corn & OSR all trading/closing at contract lows on the day.
  • Argentina continues with dry conditions in the 10-day forecast, while rains in N Brazil further delay corn harvest, with rains forecast in the 1-week.
  • Jo’burg corn continued to see firmness at the start of the week and hit 11-month highs on Monday, following a continued hot/dry forecast, but saw limit lower trade yesterday following rains overnight in key areas.
  • UK LIFFE wheat hit a 1-year low on Monday, yet appears to be finding some support around these values. Meanwhile physical wheat & barley values continue to trade in a sideways pattern, whilst only paying little attention to futures values.

Last Trade Settlement:

London May ’18 Settle £141.2/t – up £0.35/tonne from previous close

Paris May ’18 Settle €157.75 – down €2.25/t from previous close – cntrct low close

CBOT Mar ’18 Corn Settle $3.4825/bushel – up 2.25 cents/bushel from previous close – year lows with cntrct low @ $3.455/bu

CBOT Mar ’18 Wheat Settle $4.1650/bushel – down 4.25 cents/bushel from previous close

Currency Today:

GBP EUR    1.1270

GBP USD    1.3785

EUR GBP    0.8869

EUR USD    1.2227

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Lindsey House, Hemswell Cliff,
Gainsborough, Lincolnshire DN21 5TH.

Company Number: 534118