- 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
GBP EUR 1.1270
GBP USD 1.3785
EUR GBP 0.8869
EUR USD 1.2227